CBN orders banks to collect old N500, N1,000 notes

The old N500 and N1,000 notes should be turned in to banks right away, according to a directive from the Central Bank of Nigeria.

Yet it set the maximum amount that banks might take in at N500,000.

The CBN insisted that the older currencies were no longer acceptable forms of payment.

Go to your bank, but fill out the paperwork beforehand, 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.

According to a bank source, the CBN instructed the banks to collect the funds instead of bringing them to the CBN headquarters due to access issues.

The CBN earlier launched a gateway on its website and required anyone wishing to return outdated notes to fill it out and get a number.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.

After the President's announcement that the old N200 note will 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.

Nevertheless, after meeting with bank executives, the CBN ordered banks to collect greater denominations in response to demonstrations that had been roiling several areas over the shortage of the new naira notes.

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