CBN orders banks to collect old 500 and 1000 naira notes

The old N500 and N1,000 notes should be turned in to banks right away, according to a directive from the Central Bank of Nigeria.

But it set the maximum amount that banks could take in at N500,000.

The CBN insisted that the older currencies were no longer acceptable forms of payment.

According to a bank source, the CBN instructed the banks to collect the funds instead of bringing them to the CBN office due to access issues.

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.”

The CBN earlier launched a gateway on its website and required those wishing to return outdated notes to fill it out and generate a number.

Godwin Emefiele, the governor of the Central Bank of Nigeria, instructed the banks to provide people access to the old N200 notes on Thursday.

Following the President's announcement that the old N200 note would remain legal tender until April 10, 2023, Major General Muhammadu Buhari (ret.) urged Nigerians to deposit their old N500 and 1000 notes with the CBN.

However, after meeting with bank executives, the CBN ordered banks to collect higher denominations in response to protests that had been roiling various states over the shortage of the new naira notes.