Those having less than N500,000 in their possession are required by the Kogi State branch of the Central Bank of Nigeria to visit their local banks to exchange their notes for new ones.
According to checks at bank offices in Zone 8 on Lokoja’s Hassan Katsina Road, those having less than 500,000 were urged to visit their banks, according to the Nigerian Tribune.
Ahmed Sule, the CBN’s Kogi Branch Controller, claims that the central bank only pays attention to clients who have more than N500,000.
Sule advised individuals who had less money to attend their banks to exchange it.
As parts of efforts arising from the implementation of the policy on the deposit of the old naira notes, the apex bank launched a website for bank customers to register to deposit their old notes.
CBN Reviews Cash Withdrawal Limits From N100,000 To N500,000
The website, referred to as ‘redemption of currency’ permits customers to “create a profile, generate a reference and print out a receipt to proceed to the nearest CBN branch to deposit the old N1000, N500, and N200 notes into their bank account.”
Sule implored customers with above N500,000 to visit the CBN’s website to download the form, fill it and submit.
Those with less amounts were advised to submit the completed forms to their respective banks and their accounts would be credited.
He disclosed, “There is nothing to fear as the link has been certified safe and no one will be shortchanged whatsoever.”
He also said that the forms could now be downloaded on the apex bank’s website.
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