The old N500 and N1,000 notes should be turned in to banks right away, according to a directive from the Central Bank of Nigeria.
Yet it set the maximum amount that banks might take in at N500,000.
The previous currencies were still not considered legal tender, according to the CBN.
According to a bank source, the CBN instructed the banks to collect the funds instead of bringing them to the CBN headquarters due to access issues.
A CBN official said, “Go to your bank but fill the form before you go. Go with your 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.
The CBN earlier launched a gateway on its website and required anyone wishing to return outdated notes to fill it out and get a number.
Godwin Emefiele, the governor of the Central Bank of Nigeria, instructed the banks to provide People access to the old N200 notes on Thursday.
This was after the President, Major General Muhammadu Buhari (retd.), 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 which 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’s leaders.
