CASH SWAP: BANKER’S COMMITTEE RELEASE NEW GUIDELINES TO DEPOSIT OLD NOTES
Read Time:1 Minute, 27 Second
By Adeniyi Onaara
Up to April 10th, 2023, the bank will continue to pay customers using both the old 200 naira bills and the new, redesigned 200s, 500s, and 1000s bills.
When it’s time to start depositing the old 500 and 1000 naira notes, CBN will notify the banks.
Customers will fill out the CBN app for cash deposits with the necessary information, walk into the banking hall, and deposit up to $500k once between now and April 10th, 2023.
The CBN will launch a new app today to enable depositors who still have old 500s and 1000s to fill out their details before beginning deposits tomorrow.
This approval is one-time only as consumers are not permitted to deposit more than once within the 60-day period (10th April 2023). Customers are not permitted to divide the maximum cash deposit amount of 500k, i.e., a customer is not permitted to deposit 100k today and another 200k tomorrow.
The one-time Cash Deposits between 0 and 500k will not be put into the customer’s account right away; instead, they will pass through the CBN STC – Subject to Count System and be credited to the customer’s account once the CBN has received payment.
Payment to government organizations for security and other ancillary purposes that exceeds the current withdrawal cap requires CBN approval. Individuals and corporate entities are also included in this.
Clients making deposits of more than 500k should make their cash deposits at the closest CBN facilities.
To make sure that the customers making the cash deposits have sufficient KYC and increased due diligence, the bank.
While the various government agencies, including ICPC, DSS, and EFCC, will be evaluating banks’ records, adequate and proper records must be preserved.
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