The Central Bank of Nigeria (CBN) has directed banks to collect the old N500 and N1,000 notes from members of the public.
It, however, pegged the maximum amount the banks can collect at N500,000.
Osita Nwanisobi, director of the apex bank’s corporate communications, confirmed the development to TheCable on Friday, saying “It’s just for amounts N500,000 and below.”
The CBN maintained that the old currencies were no more legal tender.
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.
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.”
(TheCable)
