The Central Bank of Nigeria has ordered commercial banks to resumption the collection of old N500 and N1,000 notes from the public.
Pegging the maximum amount the banks can collect at N500,000, the CBN directed the banks to accept the old notes with immediate effect.
The apex bank maintained that the old currencies were no more legal tender.
The new directive is as a result of difficulties citizens encounter in a bid to get access to the apex bank to deposit the old notes.
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.”
The CBN had earlier opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.