CBN Orders Banks To Collect Old N500, N1000 Notes
After so much confusion and argument, Central bank of Nigeria has allowed commercial banks to collect old note. 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 greatest amount that banks may collect, however, is N500,000. According to the CBN, the former currencies were no longer legal tender. “Go to your bank, but fill out the paperwork beforehand,” a CBN officer said. Stick with the reference code you created. Banks will acquire your code from you. Nevertheless, if it exceeds 500,000, you will go to the CBN and deposit it.” According to a bank source, the CBN directed the banks to collect the funds instead of traveling to the CBN headquarters due to challenges in gaining access to the bank. Before, the CBN launched a gateway on its website and required anyone who wanted to return old notes to fill out and generate a code. On Thursday, CBN Governor Godwin Emefiele directed that the old N200 notes be made accessible to Nigerians. This came after the President, Major General Muhammadu Buhari (retd. ), said that the old N200 note will be legal tender until April 10, 2023, while urged Nigerians to deposit their old N500 and 1000 notes with the Central Bank of Nigeria (CBN). Nevertheless, following a meeting with bank officials, the CBN ordered banks to collect greater denominations due to demonstrations in several areas about the paucity of the new naira notes.
