CBN Directs Banks To Accept Old N500, N1,000 Notes

As protests deepen across the States, the Central Bank of Nigeria (CBN) has directed banks to start accepting the old N500 and N1,000 notes from the public immediately.

This is even as the apex bank pegged the maximum amount that the banks would collect at N500,000, adding that the old currencies were no longer legal tender.

A source confirmed that the CBN ordered the banks to accept the old cash instead of going to the CBN office following difficulties encountered in getting access to the bank.

“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 N500,000, you will go to the CBN and deposit it, " an official added.

The CBN had earlier opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.

But on Thursday, February 16, the CBN Governor, Godwin Emefiele ordered the banks to make the old N200 notes available to Nigerians.

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