CBN Issues Fresh Directive, Orders Banks To Accept Old N1,000, N500 Notes

The Central Bank of Nigeria (CBN) has ordered fresh directive to commercial banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.

The CBN, while maintaining that the currencies were no more legal tender, however, pegged the maximum amount to be deposited at the banks at N500,000.

The step according to the CBN official, is to address difficulties encountered in getting access to the bank to make deposits in line with previous directive.

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.”