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


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

The Central Bank of Nigeria (CBN) has ordered commercial banks to collect old N500 and N1,000 notes from customers.

Following the Supreme Court directive, the old notes are now considered legal tender.

READ ALSO: Supreme Court declares old naira notes legal tender till Dec 31

CBN’s spokesman Isa Abdulmumin said banks have started issuing the old and new notes to customers at their various Automated Teller Machines (ATMs) terminals and over the counter.

Although the CBN had not yet made an official statement on the matter, he claimed that Nigerians may still spend and collect old and new notes in accordance with the Supreme Court’s ruling.

The spokesman, who spoke with The Cable: “Banks are paying old notes as well as new notes. They are all legal tender.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

Abdulmumin was concerned over continued rejection of the old notes by some traders and transporters.

The CBN spokesman said the old notes should not be rejected as they are still a valid means of exchange.

He added: “No. They can’t reject it. It’s all legal tender.”


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