CBN Directs Banks To Accept Old N500, N1,000 Notes
The Central Bank of Nigeria (CBN) has asked banks to start collecting old N500 and N1,000 notes from customers. Osita Nwanisobi, spokesman of the apex…
The Central Bank of Nigeria (CBN) has asked banks to start collecting old N500 and N1,000 notes from customers.
Osita Nwanisobi, spokesman of the apex bank, disclosed this on Friday, stating that any amount above N500,000 could not be deposited.
The development comes amid the nationwide outrage over the rejection of the notes which President Muhammadu Buhari declared were no longer legal tender.
In his national broadcast, Buhari had asked Nigerians to take old N500 and N1000 notes to the CBN and other designated places, but commercial banks refused to accept them, forcing Nigerians to troop to the apex bank offices.
