New Naira Notes: CBN Asks Banks to Accept Cash Deposits Above N500,000

New Naira Notes: CBN Asks Banks to Accept Cash Deposits Above N500,000

  • The Central Bank of Nigeria has directed banks to accept cash deposits above the previously set limit
  • The bank also asked commercial banks not to charge customers for cash deposits
  • Some of the banks said they had adjusted their operational procedures to comply with the CBN deadline for the introduction of new banknotes

In its ongoing efforts to ensure full compliance with the deadline for the naira redesign, the Central Bank of Nigeria has directed Deposit Money Banks (DMBs) to accept cash deposits above its cashless policy level.

CBN’s Director of Corporate Communications, Osita Nwanisobi stated this on Thursday, November 10, 2022, at the ongoing 2022 Lagos International Trade Fair.

CBN, New naira notes, Emefiele, commercial banks
Governor of the Central Bank of Nigeria, Godwin Emefiele Credit: Bloomberg/Contributor
Source: Depositphotos

CBN changes daily lodgment limits

Nwanisobi said banks have been asked to return existing naira notes to the apex bank immediately and instructed to accept cash deposits above the cashless policy threshold without charges.

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According to the CBN’s cashless policy, a cumulative daily limit of N500,00 and N3m withdrawals and lodgments for individuals and corporate customers, respectively, without charges, a BusinessDay report said.

The CBN announced its plans to redesign some naira notes and set the deadline for introducing the new notes for December 15, 2022, and January 31, 2023, to cease the circulation of old notes.

The notes to be redesigned by the bank include the N200, N500 and N1,000 notes.

The bank’s deputy director of corporate communications, Samuel Okagbue, said the new and existing banknotes shall remain legal tender and circulate together until the January deadline.

Banks adjust operating procedure

Similarly, the banks have adjusted the operation hours and offered alternative deposit methods to their customers.

ThisDay report said that Access Bank, in a recent message to its customers, said it is offering alternative channels to its customers and extending its banking hours to 6 pm to allow cash deposits.

Also, the bank stated that it would begin Saturday banking to allow customers to meet the CBN deadline of January.

The bank said:

“Our customers can deposit their existing Naira notes using any of these channels closest to them with ease. Our branches will be open for longer hours during the week for your convenience, and they will also be open on Saturdays from 10 am to 2 pm to receive cash deposits.”

Fidelity bank also said it had started weekend banking and extension of banking hours for its customers to enable them to cope with the deadline.

New naira notes: Hoarders release more unspent bills, video shows 20yr-old N200 notes in circulation

Recall that Legit.ng reported that Nigerians are rushing to beat the deadline of January 31, 2023, set by the Central Bank of Nigeria (CBN) to cease the circulation of old naira notes.

The CBN said it is introducing newly redesigned N200, N500 and N1,000 notes by December.

The announcement by the CBN has put pressure on currency hoarders who are now hauling the notes long kept in their custody into the market.

Source: Legit.ng

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