CBN gives Commercial Banks new conditions and criteria for acceptance of old N500, N1000 notes

The Central Bank of Nigeria (CBN) has given a condition and criteria for commercial banks to start collecting the old N500 and N1,000 notes from members of the public who want to deposit the old notes.

The apex bank ordered commercial banks across the country to start collecting the old currencies from members of the public who want to deposit them with immediate effect.

The CBN, however, maintained that the old currencies were still no more legal tender, adding that the maximum amount the banks can collect from individuals is N500,000.

Those with higher amounts would still have to visit the CBN to deposit their old notes.

A source from the apex bank quoted by Punch 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 your 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.”

Earlier, 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 comes after President Buhari while addressing Nigerians on Thursday said only N200 old notes would be acceptable until April 10, when it would seize to be acceptable for transactions.

The Nigerian leader insisted that the N1,000 and N5,000 old Naira notes are no longer legal tenders.

Following the broadcast, there have been violent protests across the country, particularly within and around Lagos.

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