The Central Bank of Nigeria has ordered commercial banks to start collecting the old N500 and N1,000 notes from the public with immediate effect with an order to reject amounts above N500,000 for such amounts should be paid to CBN only.

According to Punch reports, a source from the apex bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank.

A CBN official was quoted as saying

"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."

However, e in regards to payment of lid notes, CBN opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code and thereafter proceed to the apex bank to deposit their old N500 and N1000 which has since ceased to be legal tenders.