A video has emerged on social media showing the moment thousands of Nigerians flocked to the Central Bank Of Nigeria (CBN) Lagos branch in Tinubu Square Custom Street, Marina, to deposit their old cash.
According to news sources, the Governor of the apex bank stated on Tuesday that it was willing to accept old currencies under certain conditions and criteria.
In a statement, Haladu Andaza, the CBN Branch Controller in Bauchi, stated that consumers were free to come to the bank and deposit, which they could no longer do at commercial banks because the currency had ceased to be legal tender on the 10th of this month.
Deposit Bad Naira Notes In Bank By Monday, CBN Tells Nigerians
Many of Nigerians descended on the CBN branch in Lagos to comply with the directive.
Meanwhile, the central bank has allegedly directed banks across the country to begin collecting old N500 and N1,000 notes from members of the public who wish to deposit them as soon as possible.
The CBN, on the other hand, maintained that the old currencies were no longer legal currency, and that the maximum amount that banks could recover from people was N500,000.
Individuals with larger sums would still need to go to the CBN to deposit their old currencies.
According to a source from the top bank published by Punch, the CBN directed the banks to collect the funds instead of traveling to the CBN office due to challenges in gaining access to the bank.
Deposit Bad Naira Notes In Bank By Monday, CBN Tells Nigerians
A CBN official said, “Go to your bank but fill the form before you go. Go with your 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.”
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