CBN gives Fresh Orders to Banks to Collect Old Notes
The Central Bank of Nigeria has ordered banks to immediately begin collecting the old N500 and N1,000 notes from the general public.
It set the maximum amount that banks can collect, at N500,000.
The CBN argued that the previous currencies were no longer legal tender.
According to a source from the bank, the CBN instructed the banks to collect the funds instead of going to the CBN office due to difficulties gaining access to the bank.
A CBN representative advised, “Go to your bank, but fill out the form beforehand. Follow the reference code that is generated.
The banks will collect it from you using your code. But if it exceeds 500,000, you must deposit it with the CBN.”
Previously, the CBN opened a portal on its website and required those wishing to return old currency to fill out a form and generate a code.
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Godwin Emefiele, the governor of the Central Bank of Nigeria, ordered the banks to make the old N200 notes available to Nigerians on Thursday.
This was in response to President Muhammadu Buhari’s announcement that the old N200 note would remain legal tender until April 10, 2023, while urging Nigerians to deposit their old N500 and N1000 notes with the CBN.
The Central Bank of Nigeria (CBN) ordered banks to collect higher denominations of the new naira notes following a meeting with the heads of banks in response to protests over the shortage of the new currency.
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