CBN Orders Banks to Collect Old N500, N1,000 Notes
The Central Bank of Nigeria, CBN, has ordered commercial banks to start collecting the old N500 and N1,000 notes from the public immediately.
It stated that the maximum amount customers can swap will be N500,000.
The Director of Corporate Communications, Osita Nwanisobi, made this known today.
According to him, “The Central Bank has directed all Commercial banks to start collecting old N500, and N1000 notes from customers with immediate effect. It applies to customers swapping N500,000 and below only”.
Despite the Supreme Court Order restraining the apex bank from implementing its February 10 deadline, the bank maintained that the old currencies were no longer legal tender.
President Muhammadu Buhari’s address to Nigeria on Thursday announced that only the old N200 naira notes would co-exist with the new notes for 6o days.
Buhari’s pronouncement has continued to generate mixed reactions from Nigerians.
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