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

by Tom Chiahemen February 17, 2023, 4:32 pm 1.3k Views

Central Bank of Nigeria (CBN)

Banks across Nigeria have been ordered to receive old N500 and N1,000 from customers who come to deposit them in the wake of recent crisis.

This new directive was given by the Central Bank of Nigeria (CBN) on Friday, following difficulties being encountered in gaining access to the apex bank’s offices.

According to The Punch, an official of the bank 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.”

The CBN had initially opened a portal on its website, asking those willing to return old notes to fill and generate a code.

This development is coming after President Muhammadu Buhari had said the old N200 note would be legal tender till 10 April, 2023, and asked Nigerians to deposit their old N500 and 1000 notes with the CBN.

Punch