Just In: CBN Gives Banks New Directive On Old 500, 1000 Naira Notes

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Just In: CBN Gives Banks New Directive On Old 500, 1000 Naira Notes

According to reports, the Central Bank of Nigeria has instructed banks all throughout the country to begin accepting old N500 and N1,000 notes from members of the public who wish to deposit them right now.

The CBN, however, insisted that the older currencies were still not accepted as legal currency and that the banks could only take N500,000 in cash from any one person.

High-value note holders would still need to go to the CBN to deposit their old bills.

According to a source from the apex bank that was reported by Punch, the CBN instructed the banks to collect the funds instead of bringing them to the CBN office due to access issues.

A CBN official said, “Go to your bank but fill 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.”

The CBN earlier launched a portal on its website and required those wishing to return outdated notes to fill it out and generate a number.

Godwin Emefiele, the governor of the Central Bank of Nigeria, instructed the banks to provide People access to the old N200 notes on Thursday.

This follows President Buhari’s announcement on Thursday that only old N200 notes would be accepted for transactions until April 10, at which point they would cease to be accepted.

The N1,000 and N5,000 old Naira notes, insisted the Nigerian president, are no longer accepted as lawful money.

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Violent protests have taken place around the nation in the wake of the broadcast, especially in and around Lagos.

Hoodlums had also on Friday morning, stormed major roads in Mile-12, Ketu and Ojota areas, along Ikorodu Road, and Iyana-Ipaja.

 

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