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Wednesday, May 22, 2024

CBN portal accepts multiple deposits, as old notes remain legal tender

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The Central Bank of Nigeria (CBN) issued a statement that the old N200, N500 and N1,000 remain legal tender till the end of the year, However, some banks are still enforcing limits on how much cash could be withdrawn over the counter as well as through Automated teller Machines (ATM) with many restricting it to N10,000 per customer.

The CBN deposit portal, which previously only allowed bank customers deposit their old notes once, has been reconfigured to allow multiple deposits to the CBN or to commercial banks.

Customers are now expected to fill in their bank detail and Bank Verification Number (BVN) to enable them to generate a code which they are expected to take to their banks for cash deposits less than N500,000. This process before now was only allowed once.

The acceptability of the old notes among transporters as well as traders has increased. Traders in most markets around the state could be seen beckoning on customers with assurances that they accept both old and new notes.


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