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Just in: Escalating violence forces CBN to allow Banks receive old N500, N1,000

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In view of the observed nationwide spread of anger, mob action and violence mainly against commercial banks due the confusion caused by counter directives on use of old and new notes, the Central Bank of Nigeria (CBN), Friday afternoon, ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.
Early this morning, riots were reported in parts of Lagos, Abuja, Kano, Port Harcourt and Benin City as more banks located along busy streets are beginning close shops.
However, It pegged the maximum amount the banks can collect from one depositor at N500,000 and maintained that the N500 and N1,000 old currencies were no more legal tender.
A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank.
A CBN official said, “Go to your bank but fill out the form before you go. Go with the 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.”
Earlier, 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.
Business Hilights gathered that Nigerians who earlier stormed the CBN office in Lokoja, Kogi State, were turned back to their banks to swap the old currency following the directive by the apex bank controller in the area.
Besides, our correspondent saw an extract from the Banker’s Committee meeting held today, Friday on the Naira Redesign Policy. This will go a long way to help us.

1. The old 200 naira will still be legal till April 10th 2023.
2. The old 200 naira and the new 500 and new 1000 will continue to be in circulation till 10th of April 2023.
3. The old 500 and the 1000 can be deposited into commercial bank just once within the 60 days extension.
4. A new App will be developed by CBN to enable customer to make the one off deposit within the extended 60 days.
5. A customer cannot make more than 500k deposit within this period and it cannot be splited.
6. Customer making above 500k will have to visit the CBN.
7. You cannot receive value for the deposit immediately because the money will go to a CBN GL.
8. You can only receive value Upon remittance and confirmation from CBN.

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