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CBN Orders Banks To Collect Old N500, N1000 Notes


The CBN, has directed Deposit Money Banks to collect old N500, and N1,000 notes from customers with reference code generated from its website.

Multiple bank sources told Goldmynetv that the branches received a directive from the head office some hours ago that they should collect the old notes from their customers who have enrolled and generated reference code from the CBN website.

A top CBN official confirmed the directive: “Yes we have directed them to collect the old N500 and N1,000 from customers.”

Recall that President Muhammadu Buhari directed that the old N500 and N1,000 notes were no longer legal tenders, but that those having the notes should take the notes to the CBN.

Consequently, the CBN opened a portal for people with the old N500 and N1,000 notes to register how much they want to deposit and to get a reference code to confirm there registration. The reference code will be used to deposit the old notes at any of the CBN offices across the country.

Investigation however revealed that the CBN might have allowed the banks to collect the old notes from their customers following the huge number of people that besieged it’s offices to deposit the old N500 and N1,000.

A CBN source told goldmynetv the order that banks should collect the monies was necessary instead of going to the CBN office following difficulties encountered in getting access to the bank.

The CBN source 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 opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code

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