The Central Bank of Nigeria has authorized banks to start receiving the old N500 and N1,000 notes from the public with immediate effect.
However, they pegged the maximum amount the banks accept at N500,000. Meanwhile, the CBN maintained that the old currencies were still no more legal tender.
According to a source from the bank, 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.
The message from CBN official reads, “Go to your bank but fill the form before you go. Go with your 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. This comes after the CBN opened a portal on their website and made it mandatory for those interested in returning old notes to fill and generate a code they use to deposit their old notes.
Also, recall that the President, Muhammadu Buhari during his nationwide broadcast said the old N200 note would be legal tender till April 10, 2023, while Nigerians are to deposit their old N500 and 1000 notes with the CBN.