Don’t Pay Charges To Deposit Your Old Naira Notes – CBN

The Central Bank of Nigeria has urged residents, bank customers, including market women and leaders not to pay charges to deposit their old naira notes to their respective commercial banks in Imo state.
Mrs, Oyoburuoma Boma, the CBN branch Controller, disclosed this to newsmen in Owerri on Wednesday, at the CBN sensitization programme at the relief Market in Imo.

She said by Section 17 of the CBN Act 2007 gives the CBN the sole right to issue naira notes and coins.

However, the CBN urged the citizens to make use of alternative methods of deposit of the old naira notes through the POS, Electronic transfer, USSD, and Internet Banking among others.

She also insisted that the deadline remains 31st of January, 2023 for the deposit of the old naira notes.

N500, or N200 banknotes an individual or corporate body can make, during the transition period that expires on January 31st 2023. For now, there are no charges on bank deposits. I repeat, no charges on bank deposits for now.

“There is no outright exchange of new banknotes for old N1,000, N500, N200 deposited in commercial banks. However, we are encouraged to explore other payment channels such as eNaira, POS, Electronic transfer, USSD, Internet Banking, Mobile money operators and agents, for banking transactions,” CBN said.