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JUST-IN: CBN directs 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.

It, however, pegged the maximum amount the banks can collect at N500,000.The CBN maintained that the old currencies were no more legal tender.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 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.”Earlier, the CBN opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.

Newsupdate247 gathered that Nigerians who earlier stormed the CBN office in Lokoja, Kogi State, have returned to their banks to swap the old currency following the directive by the apex bank controller in the area.A visit to the banks office along Hassan Katsina road, zone 8 in Lokoja on Friday showed that those with less than N500,000 were being turned back and advised to visit their banks.

The Kogi Branch controller, Ahmed Sule reportedly said that the bank is only attending to those with N500,000 and above while those with less amount have been directed to visit their banks to swap their money.He however said, the swapped note would be credited to the owners’ accounts, and no cash would be given either at CBN or other commercial banks.

More details to follow…..


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