CBN makes u-turn, gives fresh order on old N500, N1,000 notes


The Central Bank of Nigeria (CBN) has reversed its initial order barring commercial banks from accepting old N500 and N1,000 notes from customers.

The apex bank in a new directive to banks on Friday, ordered them to start collecting old notes from customers.

However, CBN spokesperson, Osita Nwanisobi, who disclosed this, said that any amount above N500,000 could not be deposited.

The development comes amid the nationwide outrage over the rejection of the notes which President Muhammadu Buhari declared were no longer legal tender.

In his national broadcast, Buhari had asked Nigerians to take old N500 and N1000 notes to the CBN and other designated places, but commercial banks refused to accept them, forcing Nigerians to troop to the apex bank offices.