Brands and Marketing
BREAKING: CBN Orders Banks To Collect Old Naira Notes Immediately

BREAKING: CBN Orders Banks To Collect Old Naira Notes Immediately
The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.
It, however, tagged the maximum amount the banks can collect at N500,000.
The CBN maintained that the old currencies were no more legal tender.
A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank.
A CBN official said, “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.”
Earlier, the CBN opened a portal on its website and made it compulsory for those willing to return old notes to fill and generate a code.
The CBN Governor, Godwin Emefiele, yesterday ordered the banks to make the old N200 notes available to Nigerians.
This was after President Muhammadu Buhari said the old N200 note would be legal tender till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.
However, protests that had been rocking different states over the scarcity of the new naira notes made the CBN order banks to collect higher denominations after meeting with banks’ leaders.
-
Headline1 week ago
PDP NEC Meeting Postponed Again as Internal Crisis Deepens; Governors, BoT, and Saraki Panel to Meet
-
Headline6 days ago
Ogun Athletes’ Protest Over Allowances at National Sports Festival Deemed ‘Impatient’ by State Government
-
Headline5 days ago
Ogun State Shines as National Sports Festival Closes with Presidential Praise
-
Headline1 week ago
UCL 2025/26: 27 Clubs Secured Qualification Spot Already (FULL LIST)
-
Headline1 week ago
Internal Tensions Surface in ADC as It Becomes Platform for Anti-Tinubu Coalition
-
Crime1 week ago
[VIDEO]: NDLEA’s Drug Seizure at Lagos Airport Reveals Evolving Trafficking Tactics
-
Headline1 week ago
Children’s Day 2025: President Tinubu Calls for National Unity Against Bullying, Reaffirms Child Welfare Priorities
-
Headline1 week ago
Power Struggle Between Makinde and Wike Threatens PDP’s Stability Ahead of NEC Meeting
-
Headline1 week ago
Nigerian Star Tobi Amusan Breaks Rabat Diamond League 100m Hurdles Record
-
Headline1 week ago
Federal Judge Blocks Trump’s Ban on Harvard’s International Students; Trump Responds