CBN orders commercial banks to collect old N500, N1,000 notes

By DADA AYOKHAI

The Central Bank of Nigeria (CBN) has ordered commercial banks across the country to start collecting the old 500 and 1,000 naira notes from Nigerians with immediate effect.

The CBN, however, fixed the maximum amount the commercial banks can collect from customers at N500,000, adding that the old denominations were no more legal tender.

President Muhammadu Buhari, had, on Thursday, said the old N200 should be used with the new notes till April 10, 2023, while the old N500 and N1,000 notes ceased to be legal tender in the country.

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