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

In a U-turn, the Central Bank of Nigeria (CBN) has 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 but insisted that the old notes were still no more legal tender.

A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in accessing to the apex bank.

“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,” a dependable source at CBN said.

Persecondnews.com reports that the CBN had opened a portal, making it mandatory for those willing to return old notes to fill and generate a code.

On February 16, CBN Governor Godwin Emefiele directed the banks to make the old N200 notes available to Nigerians.

His directive followed President Muhammadu Buhari’s broadcast approving only the old N200 note to circulate as a legal tender until April 10, 2023.

Buhari requested Nigerians to deposit their old N500 and 1000 notes with the CBN.
Persecondnews reports that protests have continued to rock various states including Lagos over the scarcity of the new naira notes.