BREAKING: CBN Directs Banks To Collect Old N500, N1000 Notes

Central Bank of Nigeria (CBN) has again directed Commercial Banks across the country to start collecting old N500 and N1000 notes from Nigerians.

VerseNews reports that this directive is coming few hours after the CBN Governor, Godwin Emefiele order Banks to start circulating N200 notes following President Muhammadu Buhari extention on the naira note to remain a legal tender till April 10.

Buhari also ordered Nigerians to deposit their old N500 and N1000 notes the CBN branches in the state.

However, a source from the Apex Bank said the CBN ordered Banks to collect the old N500 and N1000 naira notes but must not be more than N500,000.

The source explained that the new directive is because of the difficulties experienced by some Nigerians in getting access to the CBN.

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“Go to your Bank but fill out the form before you go. Go with the reference code you generated. With your code, Banks will collect it from you. But if it is more than N500,000, you will go to the CBN and deposit it” the source said.

To fill create a profile for currency redemption, the CBN has opened a portal on its website and to generate a code before returning the old naira notes