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Business News of Friday, 3 March 2023


Banks continue to accept old N500, N1000 notes as the CBN portal for old notes return remains open

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Commercial banks have resumed the collection of old naira notes after the presidential election, which draped a lull on the economy.

The move contradicts the Central Bank of Nigeria (CBN) statement that it did not ask banks to collect the customers' old N500 and N1,000 notes.

The list of banks accepting old naira notes The banks still collecting are Guarantee Trust Bank, First Bank, and Sterling Bank.

Also, contrary to the apex bank statement, the Cash Return Portal of the CBN directed people with old naira notes below N500,000 to their banks to make deposits.

Checks by show that the CBN portal remains open with the instruction, “Please visit this link,, ONLY through the CBN website. Go to your select bank branch with printout.”

Vanguard quotes a top CBN official saying that the apex bank ordered banks to collect old N500 and N1,000 notes from the public.

CBN had pegged the maximum amount banks could collect from individuals at N500,000.

However, CBN denied the statement through its former Director of Corporate Communications, Osita Nwanisiobi. Before the denial, the instruction on returning the old notes was still on the CBN website.