The Central Bank of Nigeria (CBN) has directed banks to collect the old N500 and N1,000 notes from members of the public.
It, however, pegged the maximum amount the banks can collect at N500,000.
Osita Nwanisobi, director of the apex bank’s corporate communications, confirmed the development on Friday, saying;
It applies to customers swapping N500,000 and below only”.
Despite the Supreme Order restraining the apex bank from implementing its February 10 deadline, the bank maintained that the old currencies were no longer legal tender.
President Muhammadu Buhari’s address to Nigeria on Thursday announced that only the old N200 naira notes would co-exist with the new notes for 6o days.
Buhari’s pronouncement has continued to generate mixed reactions from Nigerians.
More to follow…