Old Notes: Confusion, as banks carry out CBN directive

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Open branches weekend, expect clearer directive todaylPoS operators ignore CBN warning on selling banknoteslExperts in divergent view on implementation, impact

The banking industry was in disarray over  implementation of the directives of the Central Bank of Nigeria, CBN, on collection of the old banknotes in the denominations of N500 and N1,000 during the weekend.



The apex bank was said to have directed the banks to collect the old banknotes which it had declared non-legal tender with effect from February 10,2023, prompting the banks to not only issue mails to customers to come and deposit their old notes but actually began to collect the old notes. The commercial banks also sent out emails to their customers on Friday, re-opening their branches last Saturday after suspending weekend banking previous weekend with the deadline of old notes acceptance.

However, with a statement from the CBN late Friday denying the alleged directive to collect old notes, some of the banks suspended the collection of old notes while others did. Also some of the banks failed to re-open while a few did.


Meanwhile,   despite President Muhammadu Buhari’s directive that the CBN should re-circulate the old N200 notes, the operators in the financial system weekend indicated that the situation will persist throughout this week into next two weeks, and may only begin to ease after the elections.




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