African Music

CBN Reportedly Orders Banks To Collect Old N500 And N1000 Notes

The Central Bank of Nigeria has reportedly ordered commercial banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000.


Punch reports that a source from the apex bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank.

A CBN official was quoted as saying

Go to your bank but fill out the form before you go. Go with the 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.

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 and thereafter proceed to the apex bank to deposit their old N500 and N1000 which has since ceased to be legal tenders.

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