The Central Bank of Nigeria (CBN) has made a swift response to the developing issues of huge crowds across its different branches all over the country.
According to a directive from the Central Bank of Nigeria, the old N500 and N1,000 notes should be turned in to banks right away, yet it set the maximum amount that banks might take in at N500,000. However, those who have more than 500,000 will still deposit at the CBN.
The CBN insisted that the older currencies were no longer acceptable forms of payment.
A bank source, the CBN instructed the banks to collect the funds instead of bringing them to the CBN office due to access issues.
Acoording to the Punch, 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.”
More Details later …..
