Following the confusion and frustration among bankers and members of the public, the Central Bank of Nigeria (CBN) is expected to issue new directives on collecting old naira notes. The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) is leading the call for the Central Bank of Nigeria (CBN) to clarify its position on depositing old naira notes.
The president of ASSBIFI, Olusoji Oluwole, explains that bankers want the CBN to issue clear directives to banks in order to avoid problems.
There has been some confusion in recent days about whether the CBN said it had designated commercial banks to assist in the collection of old N500 and N1,000 notes from members of the public.
According to reports, commercial banks will be permitted to set a maximum deposit limit of N500,000 per customer. However, the CBN later denied issuing any directive to banks regarding the collection of old notes, confusing many Nigerians, including bankers who were forced to withdraw customer notices.
Despite the CBN’s denial, TheCable reports that some commercial banks have begun collecting their customers’ old N500 and N1,000 naira notes, further complicating matters.
