CBN Directs Banks to Collect Old N500 and N1000 Notes from Customers

The Central Bank of Nigeria (CBN) has directed commercial banks to collect old N500 and N1000 notes from their customers who have enrolled and generated reference codes from the CBN website.

The directive was issued to branches of commercial banks by the CBN head office some hours ago.

The move follows President Mohammadu Buhari’s announcement that the old N500 and N1,000 notes are no longer legal tenders. However, those who possess the notes are advised to take them to the CBN so as not to lose their money.

To ease the process of depositing the old notes, the CBN opened a portal where people can register how much they want to deposit and get a reference code to confirm their registration. The reference code will be used to deposit the old notes at any of the CBN offices across the country.

Sources reveal that the CBN may have allowed commercial banks to collect the old notes from their customers due to the high number of people who have besieged the CBN offices to deposit their old N500 and N1,000 notes. This move will also help to reduce the pressure on CBN offices and ensure a more convenient and streamlined process for customers.

A top CBN official confirmed the directive to collect the old notes, stating that the CBN has directed banks to do so. A top bank official and branch head also confirmed that their branch will collect old notes from customers the following day as the branch did not open to customers today due to fear of attack.

The CBN’s directive to commercial banks to collect old N500 and N1000 notes from customers who have generated reference codes on the CBN website is a welcome development. This move will not only ease the burden on CBN offices but will also make the process more convenient for customers.

Therefore, customers who have old N500 and N1000 notes are advised to take advantage of this opportunity to deposit their old notes with their respective banks before the deadline.