BREAKING: CBN directs banks to collect old N500, N1,000 notes - AMEBO NEWSPAPERS NG.


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BREAKING: CBN directs banks to collect old N500, N1,000 notes

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The Central Bank of Nigeria (CBN) has directed banks to collect the old N500 and N1,000 notes from members of the public.


It, however, pegged the maximum amount the banks can collect from each person at N500,000.


Osita Nwanisobi, director of the apex bank’s corporate communications department, confirmed the development  on Friday, saying “It’s just for amounts N500,000 and below.”


The CBN had on Wednesday opened a portal on its website to enable Nigerians who could not take their old notes to commercial banks within the stipulated deadline to redeem (or deposit) them by completing an online form on the platform.

A source from United Bank for Africa (UBA) disclosed that the apex bank ordered the banks to commence the acceptance of the deposit of the old N1, 000 and N500 notes from customers upon the presentation of the completed printed copies of the form on the CBN portal.

The source also said that such customers would be given immediate credit.


“The maximum that we can receive from a customer between now and 10th of April is a maximum of N500,000 and the customer can only deposit once within this period,” the source said.


 “Our branches will be opened on Saturdays to accept such deposits and also pay customers (subject to availability of cash).”

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