The Central Bank of Nigeria (CBN) has directed banks to collect the old N500 and N1,000 notes from members of the public, TheCable reports.
This is coming few days after Godwin Emefiele, the governor of the Central Bank of Nigeria, CBN, insisted that the February 10 deadline for old naira notes still stands, urging the public to go to the any nearest CBN branch and deposit their naira notes.
Also, President Muhammadu Buhari during his national broadcast asked the CBN to release the old N200 notes into circulation, while noting that the old N500 and N1000 are no longer legal tender.
Following the long queue at the CBN branches nationwide, Osita Nwanisobi, director of the apex bank’s corporate communications has revealed that the apex bank has directed the commercial banks to begin collection of the N500 and N1000 notes.
It, however, pegged the maximum amount the banks can collect at N500,000.
Nwanisobi, director of the apex bank’s corporate communications, confirmed the development to TheCable on Friday, saying “It’s just for amounts N500,000 and below.”
More to follow…
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