List of Nigerian Banks Accepting Old Naira Notes

Do you still have the old Naira notes with you? If yes, take them to these banks and deposit them. In this article, we will show you the full list of Nigerian banks accepting old Naira notes.

It is no longer news that the Central Bank of Nigeria has directed all money deposit banks in Nigeria to stop accepting old N500 and N1,000 notes. The 10 February CBN deadline for old naira notes was enforced by the commission despite the Supreme Court order.

This means that the old N500 and N1,000 ceased to be legal tender, as you cannot use them to buy or sell in Nigeria.

Meanwhile, the Central bank of Nigeria launched the CBN portal for old naira notes, where citizens can visit, download a form and fill.

Those who still have the old Naira notes should fill out the form, and take it to the nearest CBN branch to deposit their old Naira notes.

Earlier, the Nigerian President Muhammadu Buhari had directed the CBN on Thursday to allow the old 200 naira notes to coexist with the redesigned 200, 500, and 1000 naira notes.

Buhari issued the directive to CBN in a national broadcast that was broadcast on national stations. The president stated that only the 200 old naira notes will be legal tender until Monday, April 10.

“I have given approval to the CBN that the old N200 banknotes be reintroduced into circulation and that they be allowed to circulate as legal tender alongside the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10, 2023,” Buhari said.

As we speak, many banks in Nigeria has started collecting the old naira notes from their customers despite CBN’s denial of directive, The Cable Reports.

The development has occurred despite the Central Bank of Nigeria’s (CBN) denial that it directed banks to collect old naira notes from citizens.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized 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”.

In the meantime, contrary to the apex bank’s position, according to the CBN’s cash redemption portal, customers with old notes totaling N500,000 or less are directed to go to commercial banks to make deposits. The message shown below in quote.

The total amount you have specified is less than or equal to ₦500,000
Kindly note that you are required to take the notes to your specified deposit money bank ()
Please note that deposit can ONLY be done ONCE.

In line with that directives on the CBN cash redemption portal, many Commercial banks have started collecting the old N500 and N1,000 naira notes from their customers if the total amount is less than N500,000. However, those who have the old Naira notes from N500,000 and above to take them to the nearest CBN branch.

List of Nigerian Banks Accepting Old Naira Notes

According to the directives on the official CBN cash redemption portal, it is expected that all commercial banks in Nigeria should start accepting the old Naira notes as far as it is less than N500,000 per depositor.

Some of the banks in Nigeria had started accepting old Naira note up to N500,000 after registration on the CBN portal. These include; First Bank, Access Bank, GTBank, Sterling Bank, and the United Bank for Africa (UBA). We are expecting more money deposit banks to start accepting the old notes from today.

There is no need to panic, simply visit the CBN cash deposit portal, fill the cash redemption form, generate the reference number and take it to your bank and deposit your old Naira note. Those who have old Naira notes above N500,000 should take the money to the nearest CBN branch for deposit.

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