(UPDATED) New Naira: Individuals to only deposit N5m for new account, N50m for old account
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The Central Bank of Nigeria (CBN) has directed all banks in the country that individuals can only deposit N5 million for a new account and N50 million for an old account in one month.
The directive, which was issued by CBN Director of Currency, Ahmed B. Umar, was a fallout of the planned new redesigned Naira which takes effect next month.
According to Umar, individuals will not be allowed to deposit more than N5 million if the transaction involves a new account in one Month.
If the transaction involves an old account, then only a maximum of N50 million will be allowed.
He also warned that those with multiple accounts will be monitored via the Bank Verification Number (BVN).
This means that folks who hoarded large sums of money running into billions of Naira stand a chance to lose their wealth.
It could be recalled that CBN on the 26th of October, 2022, announced a plan by the Federal Government of Nigeria to redesign the various denominations of the Naira ranging from N200, N500 and N1,000 respectively.
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Highlights of the announcement on the new Naira notes made by CBN:
- CBN will change the current N200, N500 and N1,000 currency denominations to a new currency.
- Everyone should start paying the old currency notes into the bank effective immediately.
- The new currency notes will go into circulation on December 15th, 2022.
- Collection of the old notes will stop on January 31st, 2023.
- The old notes would stop being a legal tender by January 31st, 2023.
- Banks are advised to keep all their deposit centres open from Monday to Saturday going forward for collections. Read more.
