Category: CBN
Following the news disseminated earlier that the Central Bank Of Nigeria ordered banks to accept the old N1000 and N500 notes, the bank has come out to debunk the claims.
A press release signed on Friday the 17th of February 2023 by Osita Nwanisobi, Director, Corporate Communications Department of the CBN, stated that the public should disregard the prior false information.
The statement reads, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 Banknotes”.
“For the avoidance of doubt, And in line with Mr President’s broadcast of February 16, 2023, the CBN has been directed to only reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023”.
“Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject”.
“Media practitioners are advised to PLEASE verify any information from the correct sources before publication” the statement concluded.
The Lagos State Government has noted with deep concern the protests in some parts of the state this morning.
The protesters are said to be angry over the Naira redesign and its consequent scarcity that has caused so much hardship and confusion among our people.
Governor Babajide Sanwo-Olu believes there is no need for violence as the Supreme Court is looking into this controversial matter and will make its position known on February 22.
Lagos State has since joined the legal dispute- all in the interest of our people – in the belief that the highest court in the land has the capacity to adjudicate on the matter.
The fuel situation is easing following some steps taken by the government.
The government praises Lagosians for showing understanding, despite the pains that the Federal Government’s measures have brought. Residents should continue to be law-abiding by shunning any form of incitement by mischief makers.
Mr. Governor is working with his colleagues to ensure that this hardship does not go on.
Please note that this is a Cash Deposit Program, not a Cash Swap Program.
You will not be issued new notes in exchange for old notes, instead, your bank account will be credited after your account is validated by law enforcement.
This process may take up to 4 weeks.
If the validation of the account turns out negative, the Bank will return the deposited notes.
Third-party deposits are not allowed.
The account information provided must be that of the depositor.
Members of the public are required to complete an online application form and generate a reference number before coming to the CBN.
Where a customer did not pre-fill their form, he/she will be allowed to fill the form at the Branch.
The Cash Deposit Window is open to the public from February 15-17, 2023 between 9 am to 2 pm daily.
REQUIREMENTS
1. Reference code generated from completed online application form filled on CBN Portal
2. An active Deposit Money Bank account eg. Access, Zenith, GT, Keystone Banks.
3. Bank Verification Number (BVN). 4. A valid Federal Government issued identity card (NIN, Driver’s License, Voters Card, International Passport).
TINUBU HAILS NIGERIAN GOVERNORS OVER SUPREME COURT RULING ON CBN NAIRA SWAP POLICY ®™√ INN Nigeria ©
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank’s new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of the Naira redesign policy that has been poorly implemented
The Supreme Court on Wednesday morning in a lawsuit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed of.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from needless political and economic crises and miseries which have become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling, our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pain since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out a better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in a CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal to which I will remain eternally committed.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.
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