CBN Orders Banks to Accept N500, N1000 Old Naira Notes

The Central Bank of Nigeria, CBN, has bowed to pressure and ordered Deposit Money Banks to accept N500 and N1,000 old naira notes from customers.

In view of that every Nigerian that has N500 and N1000 old naira notes can now take it to banks. Many Nigerians early this morning stormed the CBN offices and demanded that the apex bank should collect their old naira notes.

A top CBN official confirmed to CBN saying yes we have directed them to collect the N500 and N1000 old naira notes from customers.

Recall that President Muhammadu Buhari, had directed that the old N500 and N1,000 notes are no longer legal tenders but those having the notes should take the notes to the CBN so as not to lose their money.

Click To Read: More Confusion as CBN Declares Old Naira Notes No More Legal Tender

Consequently, the CBN opened a portal for people with the old N500 and N1,000 notes to register how much they want to deposit and to get a reference code to confirm there registration. The reference code will be used to deposit the old notes at any of  the CBN offices across the country.

Investigation however revealed that the CBN might have allowed the banks to collect the old notes from their customers following the huge number of people that besieged it’s offices to deposit the old N500 and N1,000.

A top bank official and branch head told Vanguard, that the branch will collect old notes from customers tomorrow Saturday as the branch did not open to customers today due to fear of attack.