Breaking News.CBN Orders Banks To Accept Deposit Of N500, N1000, Notes.

The central bank of Nigeria CBN has directed other commercial banks across the country to accept the N1000, N,5000 below N500,000 deposits from their customers.

This is coming after series of reports of attack on the Central Bank in some states as customers troop in to deposit their old naira notes as directed by the CBN.

According to an inside who is also a commercial banks worker who disclosed the news to DAILYNEWSLINK said that the decision was made on Thursday night in a virtual meeting.

“We didn’t go to the office on Thursday because of the unrest in Ibadan on Friday. However, we were asked to resume work on Friday morning. We had a virtual meeting on Thursday night where we were also told that the CBN had said banks should resume the collection of old naira notes till April 10th.

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“We were told that there would be designated banks that would handle it. First, you will generate a reference code online. Then with the code, you will go to the bank and fill out a form and the old notes will be collected from you. But I understand that it may take up to four weeks for the customer to get the money replaced. And I don’t know if the branch where I work will be one of the designated ones because we were told that there would be designated branches to handle it.”the source said.

Recall that the central bank of Nigeria initially said that the deposit of old naira notes should be only in the CBN of every state, but we believe the decision is to reduce the number of attacks and protest on the naira scarcity and deposit currently going on in the country.

Note: You can’t withdraw them and you can’t buy and sell with them.