BREAKING: CBN Orders Banks To Collect Old N500, N1,000 Notes

BREAKING: CBN Orders Banks To Collect Old N500, N1,000 Notes

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 maximum amount that banks can collect, however, is N500,000.

According to the CBN, the old currencies were no longer legal tender.

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According to a bank source, the CBN ordered the banks to collect the funds instead of going to the CBN office due to difficulties in gaining access to the bank.

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.”