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Naira Swap: CBN Issues Fresh Directive To Banks Over Old N500, N1,000 Notes

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  • The CBN has ordered banks to collect old N500 and N1,000 notes.

  • The CBN pegged the maximum amount the banks can collect at N500,000.

  • The CBN also maintained that the old N500 and N1000 currencies were no more legal tender.

EKO HOT BLOG reports that the Central Bank of Nigeria, CBN has directed commercial banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.

The CBN however pegged the maximum amount the banks can collect at N500,000.

EDITOR’S PICKS 

The CBN maintained that the old N500 and N1000 currencies were no more legal tender.

The apex bank ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank nationwide.

“Go to your bank but fill out the form before you go. Go with the 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,” Punch quotes a CBN as saying.

A top CBN official confirmed the directive: “Yes we have directed them to collect the old N500 and N1,000 from customers, subject to a maximum of N500,000.”

Recall that President Muhammadu Buhari directed that the old N500 and N1,000 notes were no longer legal tenders, but that those having the notes should take the notes to the CBN.

Consequently, the CBN opened a portal for people with old N500 and N1,000 notes to register how much they want to deposit and to get a reference code to confirm there registration.

The reference code will be used to deposit the old notes at any of the CBN offices across the country.

However, an investigation revealed that the CBN might have allowed the banks to collect the old notes from their customers, following the huge number of people that besieged its offices to deposit the old N500 and N1,000.

FURTHER READING

A top bank official and branch head told journalists that the branch will collect old notes from customers tomorrow (Saturday) as the branch did not open to customers today due to fear of attack.

Click here to watch our video of the week:




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