Breaking: CBN Gives Banks New Directive On Old 500, 1000 Naira Notes

The Central Bank of Nigeria has reportedly instructed banks throughout the country to immediately commence the collection of old N500 and N1,000 notes from the public who wish to deposit them.

The CBN has reiterated that the old notes are no longer legal tender and stated that the maximum amount that banks can collect from individuals is N500,000.

However, individuals with amounts exceeding this limit will still need to visit the CBN to deposit their old notes.

A source from the apex bank, cited by Punch, explained that the CBN issued this directive to banks as a result of difficulties faced by the public in accessing CBN offices.

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.”

Previously, the CBN had created a portal on its website and mandated individuals who wanted to return old notes to generate a code by filling out a form.

However, on Thursday, the CBN Governor, Godwin Emefiele, instructed banks to make the old N200 notes accessible to the public. This development followed President Buhari’s announcement on Thursday, in which he stated that only N200 old notes would be accepted for transactions until April 10th, after which they would no longer be accepted.

The Nigerian leader reiterated that the old N1,000 and N5,000 Naira notes are no longer legal tender.

However, ever since the President made the announcement, there have been reports of violent protests in various parts of the country, particularly in and around Lagos.

In addition, on Friday morning, hoodlums reportedly took to the streets in Mile-12, Ketu, and Ojota areas, along Ikorodu Road, and Iyana-Ipaja.