The Central Bank of Nigeria (CBN) has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.

It, however, pegged the maximum amount the banks can collect at N500,000.

Kindly see below, clarifications from the Banker’s Committee meeting held Friday, 17th February, 2023 on the Naira Redesign policy.

• We will continue to pay Customers with the 200 naira old bills alongside the newly redesigned 200s, 500s, and 1000s bills until 10th April 2023.

• CBNwill notify the banks when to commence the deposit of the old 500s, and 1000s naira notes.

• A new app will be launched by CBN today to enable depositors who still have old 500s and 1000s to fill in their details before commencing deposits tomorrow.

• Customers will complete the CBN app for cash deposits with the required information, walks into the banking hall, and deposits a maximum of 500k once between now and 10th April 2023.

• Customers are not allowed to split the maximum cash deposit amount of 500k, i.e a customer is not allowed to deposit 100k today and another 200k tomorrow, this approval is one-off as customers are not allowed to deposit more than once within the 60 days timeline ( 10th April 2023 ).

• The one-off Cash Deposits between 0 – 500k will not be immediately credited into the customer’s account but passed through the CBN STC -Subject to Count GL and the customer’s account credited upon receipt of value from CBN.

• Payment above the current withdrawal limit to Government agencies for Security and other ancillary uses must be approved by CBN. This also includes individuals and Corporate bodies.

• Customers making deposits above 500k should visit the nearest CBN locations to deposit their cash.

• Branch closure is to be approved by the CBN Department of Banking Supervision, however, in view of the extreme and exigent security threat, the branch can be closed and CBN notified.