JUST IN: CBN orders commercial banks to collect old N500, N1,000 notes
Commercial banks are required by the Central Bank of Nigeria (CBN) to collect old N500 and N1,000 notes from the public.
The apex bank disclosed that N500,000 is the maximum sum that banks may take in.
On Friday, February 17, 2023, Osita Nwanisobi, the director of the CBN’s corporate communications, announced the development to newsmen.
“It’s exclusively for quantities N500,000 and lower,” the director stated.
Go to your bank, but fill out the form first, a CBN representative instructed. Use the reference code you create as a guide. The banks will obtain it from you using your code. But, if it exceeds 500,000, you must deposit money to the CBN.
The CBN earlier launched a gateway on its website and required those wishing to return outdated notes to fill it out and generate a number.
Godwin Emefiele, the governor of the Central Bank of Nigeria, instructed the banks to provide People access to the old N200 notes on Thursday.
Following the President’s announcement that the old N200 note would be legal money until April 10, 2023, Major General Muhammadu Buhari (ret.) urged Nigerians to deposit their old N500 and 1000 notes with the CBN.
However, after meeting with bank executives, the CBN ordered banks to collect higher denominations in response to protests that had been roiling various areas over the shortage of the new naira notes.
