As of February 17th, 2023, a Facebook post by Joseph Igboji reported that the Central Bank of Nigeria (CBN) has mandated various banks to collect old banknotes as long as the amount does not exceed 500,000 naira. Igboji claims to have been present at the CBN office in Garki II, Abuja, where over a thousand people had gathered to exchange their old notes. According to Igboji, bank customers can approach their bank from Monday and deposit their old notes without any loss.
The announcement of this new policy by the CBN comes as a relief to many Nigerians who had been holding on to old notes that they were unable to exchange due to the previous restrictions. It is worth noting that the CBN had previously introduced a policy that allowed customers to exchange their old notes at designated CBN branches or selected banks. However, this policy only applied to a limited amount of old notes, causing difficulties for many customers.
The statement in his Facebook wall 👇👇
With the new policy, it is expected that many Nigerians will be able to exchange their old notes without facing any loss. It is also likely that the move will help to boost the economy, as it will increase the amount of money in circulation. However, it remains to be seen how the banks will handle the influx of customers looking to deposit their old notes, and whether they will be able to manage the process smoothly.
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