The clarifications from today's Banker's Committee meeting regarding the Naira Redesign policy.
1. Up until April 10th, 2023, we will continue to pay customers using the 200 naira old bills in addition to the freshly designed 200s, 500s, and 1000s bills.
2. When to begin depositing the old 500 and 1000 naira notes will be announced by CBN to the banks.
3. To help depositors who still have old 500s and 1000s fill out their information before starting deposits tomorrow, CBN is launching a new app today.
4. Between now and April 10th, 2023, customers will fill out the CBN app for cash deposits with the necessary information, enter the banking hall, and deposit a maximum of 500k.
5. The maximum cash deposit amount, which is 500k, cannot be divided by customers. This approval is one-time only, as customers are not permitted to deposit more than once within the 60-day period (10th April 2023). For example, a customer is not permitted to deposit $100,000 today and $200,000 tomorrow.
6. The one-off Cash Deposits between 0 and 500k will not be credited into the customer's account right away; instead, they will pass through the CBN STC - Subject to Count GL and be credited to the customer's account once CBN has received payment.
7. Payment to government organizations in excess of the current withdrawal cap for security and other ancillary purposes requires CBN approval. Both people and corporate entities fall under this.
8. Customers making deposits greater than 500k are advised to deposit cash at the closest CBN locations.
9. The CBN Department of Banking Supervision must approve the closure of a branch, but it may be closed without waiting for approval if a severe and immediate security threat exists.
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