Nigerian Banks Give Fresh Update on Naira Swap
Following February 10, 2023 deadline granted by the Central Bank of Nigeria (CBN) for Naira swap, local banks have released updates about terms and conditions upon which the old notes will be exchanged.
Nigerian banks have updated their customers on the maximum allowable sum of N500,000 that can be deposited across the counter, tie to individual biometrics numbers for easy tracking.
There has been confusion about the apex bank’s position over the implementation of the new naira notes policy across the country. Recently, President Muhammadu Buhari announced a decision to allow n200 notes to be used along with new notes up till April 10.
Deposit money banks explained that old N500 and N1000 notes will continue to be for redemption till April 10 also.
Banks said while the old notes can be deposited to any of their branches nationwide before the new deadline set, there is a maximum cap of N500,000 which will be tied to customers’ biometric verification numbers (BVN).
Meanwhile, any customers that plan to deposit up to N500,000 must be registered on CBN’s portal with a link address via crs.cbn.gov.ng. Upon successful completion of the registration process, a code will be generated for the depositor.
Banks said when depositing the old notes within the maximum allowable sum, customers will be required to present the code before the amount will be taken on the counter.
“Customers that want to deposit an amount above N500,000 in the old N500 and N1000 notes will be required to visit the nearest CBN branch to effect the transactions”, local banks said in emails.
Moving toward full implementation of a cashless economy, the apex bank is not willing to shift ground despite calls by politicians and even Supreme Court. Naira Depreciates to N462 at Investors, Exporters FX Window
The CBN remains independent over monetary policy without recourse to Supreme Court in carrying out its functions, MarketForces Africa gathered from experts.
Experts said Supreme Court has no power to alter monetary policy decisions as the apex bank in so far it acts within its capacity as a creation of law. # Nigerian Banks Give Fresh Update on Naira Swap