CBN orders banks to collect old N500, N1,000 notes

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CBN orders banks to collect old N500, N1,000 notes


By Babajide Komolafe, Economy Editor



The Central Bank of Nigeria, CBN, has directed Deposit Money Banks to collect old N500, and N1,000 notes from customers with reference code generated from its website.


Multiple bank sources told Vanguard that the branches received a directive from the head office some hours ago that they should collect the old notes from their customers who have enrolled and generated reference code from the CBN website.

A top CBN official confirmed the directive: “Yes we have directed them to collect the old N500 and N1,000 from customers, subject to maximum of N500,000.”



Recall that President Muhammadu Buhari directed that the old N500 and N1,000 notes were no longer legal tenders, but that those having the notes should take the notes to the CBN.


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