CBN orders banks to collect the N500, N1000 notes

Oluwanifemi Ojo
Oluwanifemi Ojo
CBN orders banks to collect old Naira notes

The Central Bank of Nigeria has ordered commercial banks to collect the N500 and N1000 notes from people as deposits, with immediate effect.

However, the apex bank still stands on the fact that the old N500 and N1000 are no longer legal tender.

Meanwhile, they are still redeemable when taken to commercial banks.

CBN pegged the maximum amount the banks can collect to be N500,000.

The Punch reported that a source from the bank said the CBN instructed commercial banks to collect the cash instead of the initial order of taking them to CBN office.

According to the report, a top CBN official said, “Go to your bank but fill the form before you go. Go with your reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”

This publication recalls that the CBN on Thursday opened a portal for Nigerians to register the cash they are holding and then take it to the nearest CBN office.

Also, the President, Major General Muhammadu Buhari (retd.), said on Thursday morning that the old N200 note would be legal tender till April 10, 2023.

Meanwhile, he  admonished Nigerians to deposit their old N500 and 1000 notes with the CBN.

Many states have been protesting since the President addressed the nation on the new naira policy.

Following the hitches from the policy, the apex bank ordered commercial banks to collect the N500 and N1000 notes.

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