The Central Bank of Nigeria (CBN) issued an order for banks to immediately begin collecting the old N500 and N1,000 notes from Nigerians as demonstrations against the cash swap scheme gained traction in some regions of the country.
Yet it set the maximum amount that banks might take in at N500,000.
The CBN insisted that the previous notes were no longer valid forms of payment.
According to a CBN source who spoke to The Nation, inability to access the bank made it essential to issue a directive that banks collect the funds instead of coming to the CBN office.
Go to your bank, but fill out the form first, the CBN source advised. Follow the reference code you created. The banks will obtain it from you using your code. But if it is more than 500,000, you will go to the CBN and deposit it.”
For individuals eager to return outdated notes, the CBN developed a gateway on its website and made filling it out and generating a code necessary.
The CBN Governor, Godwin Emefiele, on Thursday ordered the banks to make the old N200 notes available to Nigerians after President Muhammadu Buhari stated that only the old N200 note remained legal money till April 10.
About Author
- Tijani Pepper is a news reporter at Panel News, and gistreportar. He is a passionate journalist in Politics, Sports development and investigative journalism.
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