Just In: CBN Orders Banks To Collect Old N500, N1,000 Notes

As protests spread in some parts of the nation over the cash swap policy, the Central Bank of Nigeria(CBN) ordered banks to collect the old N500 and N1,000 notes from Nigerians with immediate effect.

It however pegged the maximum amount the banks can collect at N500,000.

The CBN maintained that the old notes were no more legal tender.

A CBN source told newsmen the order that banks should collect the monies was necessary instead of going to the CBN office following difficulties encountered in getting access to the bank.

The CBN source said: “Go to your bank but fill the form before you go. Go with your 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 opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.

After President Muhammadu Buhari said only the old N200 note remains legal tender till April 10, the CBN Governor, Godwin Emefiele, on Thursday ordered the banks to make the old N200 notes available to Nigerians.

However, protests which had been rocking different states over the scarcity of the new naira notes made the CBN order banks to collect higher denominations after meeting with banks’ leaders.