Banks Won’t Take Back Old Notes For Now – Banker Warns Nigerians

Nigerians have been warned that they might be at risk if they collect the old N1000 and N500 notes from their banks.

A bank official who spoke on the issue said customers might not be able to deposit the same old notes in banks until the Central Bank of Nigeria (CBN) gives the directive.

This is coming after the Supreme Court last Friday ordered that the old notes should remain legal tender till December 31, 2023.

The bank official who spoke with Daily Post on condition of anonymity said some banks paid the old naira notes on Monday and Tuesday.

He, however, stated that some banks stopped the payment when they sensed it may trigger another crisis as it was not yet authorised by the CBN.

The official said, “CBN hasn’t given any directive yet. But commercial banks are partially paying the old notes to customers. Though it is not compulsory for customers to collect the old notes as banks won’t take them back from customers for now.

“As I speak with you, we are still on a one-off deposit once you generate the code from the CBN. So, imagine how they will deposit the cash if they’ve already deposited before.”

Speaking on why some banks gave out the old notes, he said bank officials are not happy seeing their customers under the sun and in the rain waiting for new notes that are not available.

The banker stated that banks decided to pay to ease the issue of people not having cash, adding that “the CBN remains adamant to change the new policy.”