The Central Bank of Nigeria (CBN) on Friday, February 17 ordered banks to collect the old N500 and N1,000 notes from members of the public.

The apex bank however, pegged the maximum amount the deposit money banks could collect at N500,000.

CBN’s Director of Corporate Communications, Osita Nwanisobi, confirmed the development to newsmen on Friday.

Advertise Here

Nwanisobi said “It’s just for amounts N500,000 and below.”

President Muhammadu Buhari had on Thursday, February 16 in a Nationwide broadcast directed that the old N200 notes be recirculated to ease the difficulty being encountered by the people following the new monetary policy of the apex bank.

Buhari said the N200 notes would remain legal tender till April 10 while those still in possession of the old N500 and N1000 should return them as directed by the CBN.

Recall that the CBN had fixed deadline for the return of old notes to be January 31, 2023 but had to shift the deadline to February 10


Please enter your comment!
Please enter your name here