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

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

Promise Eze

The Central Bank of Nigeria, CBN, has mandated Deposit Money Banks to collect old N500, and N1,000 notes from customers with reference code generated from its website.

According to Vanguard, multiple bank sources said that the branches received a directive from the head office some hours ago that they should collect the old notes from their customers who have enrolled and generated reference code from the CBN website.

A top CBN official confirmed the directive: “Yes we have directed them to collect the old N500 and N1,000 from customers, subject to maximum of N500,000.”

Recall that President Muhammadu Buhari directed that the old N500 and N1,000 notes were no longer legal tenders, but that those having the notes should take the notes to the CBN.

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.

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

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