Cash Scarcity: CBN Directs Banks To Collect Old N500, N1000 Notes

The Central Bank of Nigeria 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 Vanguard 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 to CBN saying yes we have directed them to collect the old N500 and N1000 from customers.

Recall that President Mohammadu Buhari directed that the old N500 and N1,000 notes are no longer legal tenders but those having the notes should take the notes to the CBN so as not to lose their money.

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 top bank official and branch head told Vanguard, that the branch will collect old notes from customers tomorrow Saturday as the branch did not open to customers today due to fear of attack.

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