Collect old ₦500, ₦1,000 notes, CBN tells banks

The Central Bank of Nigeria (CBN) has directed banks to begin collecting old N500 and N1,000 notes from the public immediately.

This move comes as the old notes are no longer considered legal tender, and the CBN is encouraging people to deposit their old notes with the bank.

It is important to note that there is a maximum amount of N500,000 that the banks can collect, and if you have more than that, you will need to go to the CBN to deposit it. This has caused some confusion and frustration among some Nigerians who have large amounts of old notes, but the CBN is doing its best to make the process as smooth and efficient as possible.

The CBN has directed Nigerians to go to their banks and fill out a form before depositing their old notes. After filling out the form, they should generate a reference code and take it with them to the bank. The bank will then collect the old notes from the depositor.

For those who have more than N500,000, the CBN has directed them to go to the CBN office to deposit the old notes. This has caused some inconvenience for some Nigerians who live far from the CBN office, but the CBN is doing its best to provide support and assistance to those who need it.

This recent directive from the CBN comes after President Muhammadu Buhari announced that the old N200 note would be legal tender until April 10, 2023. This move was designed to help ease the transition to the new currency and to encourage people to deposit their old notes.

In addition, there have been recent protests across different states in Nigeria due to the scarcity of new naira notes. In response to this, the CBN ordered banks to collect higher denominations after meeting with bank leaders. This move was designed to help alleviate the scarcity of new notes and to make it easier for Nigerians to access cash.

So, if you have some old notes lying around, it’s time to deposit them and get some new ones! While it may be a bit inconvenient for some, this move will ultimately help to ensure the stability and integrity of the Nigerian currency, and will make it easier for people to access the cash they need.