CBN Asks Banks To Collect Old N500, N1,000 Notes Below N500,000

The Central Bank of Nigeria has directed commercial banks across the country to start receiving the N500 and N1,000 notes respectively.

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

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

A source in a commercial bank in Ibadan, the Oyo State capital on Friday told SaharaReporters that he was part of a virtual meeting held on Thursday night where they were told that the apex bank had directed that they could resume the collection of old naira notes from customers.

The banker said, “We didn’t go to the office on Thursday because of the unrest in Ibadan on Friday. However, we were asked to resume work on Friday morning. We had a virtual meeting on Thursday night where we were also told that the CBN had said banks should resume the collection of old naira notes.

“We were told that there would be designated banks that would handle it. First, you will generate a reference code online. Then with the code, you will go to the bank and fill out a form and the old notes will be collected from you. But I understand that it may take up to four weeks for the customer to get the money replaced. And I don’t know if the branch where I work will be one of the designated ones because we were told that there would be designated branches to handle it.”