Central Bank of Nigeria (CBN), insisting that the old N500 and N1,000 currencies were no more legal tender, has ordered commercial banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.
The apex bank however pegged the maximum amount the banks can collect at N500,000.
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 getting 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.”
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.
The CBN Governor, Godwin Emefiele, on Thursday, ordered the banks to make the old N200 notes available to Nigerians.
This was after the President, Muhammadu Buhari, 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 CBN.
In compliance with this directive, First Bank of Nigeria issued a notice that Nigerians can bring the old to the maximum of N500k.
The public notice: