Categories: NewsNigeria News

CBN Orders Banks To Accept Old N500 And N1,000 Notes

CBN has ordered banks to accept old N500 and N1,000 notes.

Glamtush reports that 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.

This online platform understands that 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.”

Glamtush earlier reported that 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.

On Thursday, the CBN Governor, Godwin Emefiele, ordered the banks to make the old N200 notes available to Nigerians.

This was after President Muhammadu Buhari said the old N200 note would be legal tender till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.

However, protests which had been rocking different states over the scarcity of the new naira notes made the CBN order banks to collect higher denominations after meeting with banks’ leaders.

 

 

GLAMTUSH

Recent Posts

GTCO Plc Becomes 1st Financial Services Institution In West Africa To Achieve Listing And Trading Of Its Ordinary Shares On The London Stock Exchange

GTCO Plc has becomes the 1st financial services institution in West Africa to achieve listing…

9 hours ago

Real Estate Industry Experts, Stakeholders Raise Alarm Over Building Collapse In Lagos, Seek Urgent Reform

Real Estate industry experts and stakeholders have raised alarm over building collapse in Lagos and…

1 day ago

Zenith Bank Tops Nigeria’s Banking Sector For 16th Consecutive Year In The 2025 Top 1000 World Bank’s Ranking 

Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by…

1 day ago

Former Super Eagles Goalkeeper Peter Rufai Is Dead

A former Super Eagles goalkeeper, Peter Rufai is dead.   The legendary shot stopper died…

2 days ago

Unity Bank Empowers Young Entrepreneurs With ₦16M Business Grant

No fewer than 30 young entrepreneurs have been awarded a ₦16 million business grant by…

2 days ago

Union Bank Strengthens Sustainability Leadership With Symposium And School Recycle Bin Donations On World Environment Day 2025 

Union Bank of Nigeria Plc, a leading advocate for environmental sustainability and ESG in Africa,…

2 days ago