Monday , February 26 2024

CBN Order Banks To Collect Old ₦500, ₦1,000 Notes.

The Central Bank of Nigeria, CBN, has ordered commercial banks to collect old N500 and N1,000 notes from customers.

CBN said the old notes are legal tender following the directive of the Supreme Court.

CBN’s spokesman Isa Abdulmumin said banks have begun to issue old and new notes to customers at their various Automated Teller Machines, ATMs terminals, and over-the-counter.

He said though the CBN was yet to issue an official statement on the matter, Nigerians can spend and collect old and new notes in line with the apex Court’s ruling.

Abdulmumin also expressed concern over the continued rejection of the old notes by some traders and transporters.

The CBN spokesman said the old notes should not be rejected as they are still a valid means of exchange.

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