UPDATE: CBN Released New Update About Old N500 And N1000 Notes

The Central Bank of Nigeria has instructed banks to begin immediately collecting the previous N500 and N1,000 notes from the general public.

However, it established N500,000 as the maximum amount the banks could collect.

The CBN insisted that the previous currencies were no longer accepted as payment.

According to a bank source, the CBN instructed the banks to collect the funds instead of going to the CBN office due to difficulties in accessing the bank.

"Go to your bank, but fill out the form before you go," a CBN official instructed. Follow the reference code that you create. Banks will collect it from you using your code. However, if it is greater than 500,000, you will deposit it at the CBN.

In the past, the Central Bank of Nigeria (CBN) opened a portal on its website and required anyone who wanted to return old notes to fill it out and generate a code.

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), issued a directive on Thursday instructing banks to distribute the previous N200 notes to Nigerians.

This was in response to the President, Retired Major General Muhammadu Buhari, urged Nigerians to deposit their old N500 and 1000 notes with the CBN, stating that the N200 note would remain legal tender until April 10, 2023.

However, following a meeting with bank leaders, the Central Bank of Nigeria (CBN) ordered banks to collect higher denomination notes due to protests in a number of states over the scarcity of the new naira notes.