CBN Orders Banks to Collect Old N500, N1,000 notes.

The Central Bank of Nigeria has mandated banks to start collecting the old N500 and N1,000 notes with immediate effect. The CBN re-affirm that the old currencies were no longer legal tender.

According to PunchNg, a CBN official said,

“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.

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

This was after the President, Major General Muhammadu Buhari (retd.), 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 banks.

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.