HomeBusinessCBN gives fresh directive to banks over old N500, N1,000 notes

CBN gives fresh directive to banks over old N500, N1,000 notes


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The Central Bank of Nigeria (CBN) has asked banks to start collecting old N500 and N1,000 notes from customers.

Osita Nwanisobi, spokesman of the apex bank, disclosed this on Friday, stating that any amount above N500,000 could not be deposited as reported by Daily Trust newspaper.

The development comes amid the nationwide outrage over the rejection of the notes, which President Muhammadu Buhari declared were no longer legal tender.

In his national broadcast, Buhari had asked Nigerians to take old N500 and N1000 notes to the CBN.

Nigerians had trooped to the apex bank offices to deposit their old notes.

As the bank officials struggled to control the crowd, they directed them to commercial banks, but the people refused.


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