The Central Bank of Nigeria (CBN) has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000.
According to Cable, this was confirmed by the Director, of Corporate Communications of CBN, Osita Nwanisobi, who said that it is just for the sum of N500,000 and below.
The reversal of its earlier directive that the old naira notes can only be deposited in CBN offices across the country after the expiration of the February 10 deadline, might not be unconnected with the difficulties Nigerians have faced in depositing their money in CBN offices.
The CBN maintained that the old currencies were no more legal tender.
There are reports with videos of the CBN office in Marina Road, Lagos State, being besieged by a huge crowd of bank customers who want to deposit their N1000 and N500 old notes on Friday.
This comes after President Muhammadu Buhari on Thursday morning during an address to Nigerians announced that old N1000 and N500 notes were no longer legal tender.
This is a developing story…
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