BREAKING: OLD NAIRA NOTES: CBN Makes U-Turn, Orders Banks To Collect Old N500, N1000 Notes From Customers
Save Our Nation SON
February 17, 2023
The Central Bank of Nigeria has directed banks to start collecting the old N500 and N1,000 notes from their customers to ease congestion at its offices nationwide.
A central bank source that disclosed this to Newsmen, stressed however that just as President Muhammadu Buhari announced in his nationwide broadcast, the old N500 and N1,000 are no longer legal tender.
“We only created the window for customers to return their old N500 and N1,000 through the banks. Previously, the directive was for them to go to CBN branches, but we are simplifying it by asking the banks to also collect the old banknotes,” the source explained.
A formal statement would be released today on this, according to the source.
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