BREAKING: CBN tells banks to collect old N500, N1,000 notes

The Central Bank of Nigeria, CBN, has issued an order to banks to start collection of old N1,000 and N500 banknotes with immediate effect.

The apex bank also pegged the maximum amount to be collect at N500,000, but insisted that the old banknotes were no longer a legal tender in Nigeria.

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.

The directive is coming amid scarcity of banknotes leading to violent protests across the country.

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.

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