Cash Crunch: CBN Gives Fresh Order to Banks Over Old N500, N1,000 Notes

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.

It was also learned that the CBN however pegged the maximum amount the banks can collect at N500,000.

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.

Protests rocked different states over the scarcity of the new naira notes. The effects of the cash crunch on the citizens have also turned state actors against each other.