Banks have been instructed by the Central Bank of Nigeria (CBN) to accept the old N500 and N1,000 notes from their customers who have obtained a reference code generated from the CBN website.
According to sources from multiple banks, their branches were recently instructed by the head office to comply with this directive. A top CBN official confirmed the directive: “Yes we have directed them to collect the old N500 and N1,000 from customers, subject to maximum of N500,000.” It is recalled that President Muhammadu Buhari directed that the old N500 and N1,000 notes are no longer considered legal tender, and individuals in possession of these notes should take them to the CBN. In response, the CBN established a portal for individuals to register how much they wish to deposit and receive a reference code to confirm their registration. This reference code can then be used to deposit the old notes at any CBN office throughout the country. However, investigations suggest that due to the high number of people visiting CBN offices to deposit their old N500 and N1,000 notes, the CBN have authorized banks to collect these notes from their customers. A bank official and branch head informed Vanguard that their branch did not open to customers today due to safety concerns, but they plan to begin collecting old notes from customers tomorrow (Saturday).
