Old N500 and N1,000 notes must be collected, CBN orders banks

Commercial banks are required by the Central Bank of Nigeria (CBN) to collect old N500 and N1,000 notes from clients.

According to the statement, the Supreme Court’s directive makes the old notes legal money.

Banks have started issuing the old and new notes to consumers at their various Automatic Teller Machine (ATM) terminals and over the counter, according to CBN spokesman Isa Abdulmumin.

Although the CBN had not yet made a formal declaration on the subject, he claimed that Nigerians may still spend and amass old and new notes in accordance with the Supreme Court’s decision.

The official told The Cable that banks are honouring both old and new notes. Each of them is legitimate money.

“Well, the CBN hasn’t made a formal remark about the matter. Any money that banks provide you is yours to keep. We merely seek to improve Nigerians’ quality of life.

Abdulmumin was concerned about the traders’ and transporters’ ongoing rejection of the old notes.

The old notes shouldn’t be rejected, the CBN official stated, as they are still legal tender.

No, he added. They can’t turn it down. There is no illegal currency.