In reaction to the growing protests across Nigeria, over currency swap, the Central Bank of Nigeria (CBN) has reportedly ordered banks to accept old N500 and N1,000 notes from Nigerians with immediate effect.
The apex bank clipped the maximum amount the banks can collect at N500,000, stressing that, old notes were no more legal tender.
A CBN source said order that banks should accept the monies was necessary instead of going to the CBN office following difficulties encountered in getting access to the bank.
“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 source told The Nation newspaper.
The CBN opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.
Chronicle NG reports that President Muhammadu Buhari on Thursday stated that only the old N200 old note remains legal tender until April 10.
Following the declaration by the President, the CBN Governor, Godwin Emefiele, ordered the banks to make the old N200 notes available to Nigerians.
