Banks Continue Collection Of Old Notes Despite CBN’s Denial Of Directive

Deposit Money Banks(DMB) on Saturday continued to collect

the old N500 and N1,000 notes, on behalf of the Central Bank of Nigeria (CBN) , with a promise that the collection will resume on today (Sunday), as some Nigerians remain uncertain on spending the old notes for transactions.

A visit by LEADERSHIP Sunday  to some banks in Lagos showed that, in line with messages sent to customers on Friday, banks were opened only for customers willing to deposit their old notes. Investigation showed that they were only attending to customers who had filled the forms online and had generated codes via the website of the CBN.

The CBN had, on Wednesday, opened the portal for Nigerians in possession of the old N500 and N1,000 notes after President Muhammadu Buhari had announced that only the old N200 remains legal tender till April 10, 2023.

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By Friday, thousands of customers had besisged the offices of the CBN across the country, as conflicting reports of  where to take the old notes to arose. Banks had earlier, in the day, sent messages to their customers that they would be accepting up to N500,000 of the old N500 and N1,000 notes with some already accepting the notes from customers who had already generated codes from the website of the CBN.

However, by late afternoon on Friday, the CBN, in a statement issued by its director of corporate Communications, Osita Nwanisobi, denied that the CBN had authorised the banks to collect the old notes.

As at Saturday afternoon, LEADERSHIP can confirm that First Bank, Guaranty Trust Bank(GTBank), Fidelity Bank and Lotus Bank, were accepting the old notes from their customers who had earlier filled the forms online and had generated codes.

Customers who were not attended to were told to return on Sunday as the banking hall will be opened between 10am and 2pm.

However, the portal, which was opened on Wednesday remained opened to customers as at Saturday evening.

Meanwhile, the Chartered Institute of Bankers of Nigeria (CIBN) has said, banks would continue to remain open to serve the public as long as it is safe to do so.

The CIBN, in a statement signed by its president and chairman,  Ken Opara said, the institute is liaising with the body of Banks CEOs to address the current challenges in the country.

Noting that the safety and security of staff of banks is of paramount importance, the institute said: “hence, where there is security challenge, the management of banks have been empowered to take proactive measures to close their operations in such location and inform the Central Bank of Nigeria.

“Therefore, the safety concerns being expressed in various quarters are already being addressed. Banks will continue to ensure that adequate security are in place to protect staff and customers whilst safeguarding their assets in contending with the current challenge.

“Consequently, we appeal to the general public to remain calm and eschew any act of violence as the banking industry remain resolute and committed to finding ways to address all the related issues.”

On Friday, the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has ordered banks’ staff to stay off duties, following series of attacks of banking staff and bank facilities.

In a notice sent to all unionised banks, ASSBIFI president, Comrade Olusoji Oluwole,cited the continued attacks on workers and banks’ facilities across the country as reason for his call.