CBN Makes U-Turn, Orders Banks To Collect Old N500, N1,000 Notes

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

This comes barely three days after CBN Governor, Godwin Emefiele, declared that the old currencies were no more legal tender.

The apex bank has now reversed its earlier directive that the old naira notes can only be deposited in CBN offices across the country after the expiration of the February 10 deadline.

According to Punch, a source from the 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 top CBN official pegged the maximum amount the banks can collect at N500,000.

The 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.”

It was gathered that the CBN had also opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.

The reference code will be used to deposit the old notes at any of the CBN offices across the country.

However, investigation revealed that the CBN might have allowed the banks to collect the old notes from their customers, following the huge number of people that besieged its offices to deposit the old N500 and N1,000.

A top bank official and branch head told Vanguard that the branch will collect old notes from customers tomorrow (Saturday) as the branch did not open to customers today due to fear of attack.

KanyiDaily recalls that President Muhammadu Buhari had declared that only the old N200 note would be recirculated until April 10, while the old N1,000 and N500 notes have ceased to be legal tender since February 10, 2023.