Connect with us

Hi, what are you looking for?


JUST IN: CBN Orders Banks To Collect Old N500, N1,000 Notes

new naira notes

Central Bank of Nigeria has reportedly ordered commercial banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000.

Punch reports that a source from the apex 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 was quoted as saying: “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.”

Earlier, 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 and thereafter proceed to the apex bank to deposit their old N500 and N1000 which has since ceased to be legal tenders.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


You May Also Like


Terminal C of the Nnamdi Azikwe International Airport, Abuja is the first beneficiary of a public concourse for Telecom Consumer Assistance, Resolution and Enquires...


MTN Nigeria Communications Plc and Pan-Atlantic University have announced a call for applications for the Media Innovation Programme (MIP). This is the second edition...


AVEVA, a world leader in industrial software, has announced its portfolio-wide transition to a subscription business model. To accelerate access to modern solutions and...


European Union (EU) Election Observation Mission to Nigeria’s 2023 general election has expressed worry over the “obstruction and use of organised violence” during Saturday’s...