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Confusion Everywhere As CBN Orders Banks To Collect Old N500 & N1000 Notes

The Central Bank of Nigeria has directed banks to begin collecting old N500 and N1,000 notes from the public as soon as possible.

The maximum amount that banks can collect, however, is N500,000.

According to the CBN, the old currencies were no longer legal tender.

According to a bank source, the CBN ordered the banks to collect the funds instead of going to the CBN office due to difficulties in gaining access to the bank.

“Go to your bank, but fill out the form first,” a CBN official advised. Stick with the reference code you created. Banks will collect your code from you. However, if it exceeds 500,000, you will go to the CBN and deposit it.

Earlier, the CBN opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.

On Thursday, the CBN Governor, Godwin Emefiele, ordered the banks to make the old N200 notes available to Nigerians.

This was after the President Muhammadu Buhari, said the old N200 note would be legal tender till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.

However, protests which had been rocking different states over the scarcity of the new naira notes made the CBN order banks to collect higher denominations after meeting with banks’ leaders.

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