Contrary to the Central Bank of Nigeria’s claims that it has not authorised commercial banks to collect old notes from Nigerians, some banks including the Guarantee Trust Bank (GTB) and First Bank are redeeming old N500 and N1000 notes for their customers.
Reports emerged on Friday that the CBN had directed commercial banks to be collecting old notes from Nigerians who have filled forms on its portal on its behalf but a few hours later, the apex bank issued a statement denying making such directives.
However, investigations revealed that at least four banks including Fidelity Bank and Sterling Bank are redeeming old notes for customers that have filled out forms on the CBN portal.
Fidelity Bank and Sterling Bank are two other DMBs collecting old notes, us
Also, in contradiction to the CBN statement, the Cash Return Portal of the CBN directed people with old N500 and old N1,000 notes below N500,000 to go to their bank to make the deposit.
