Thursday, February 22, 2024

Breaking: CBN orders banks to collect old N500, N1,000 notes

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Today, February 16, 2023, the Central Bank of Nigeria (CBN) has issued a directive ordering all banks in the country to collect the old N500 and N1,000 notes from their customers. This directive takes effect immediately and comes after the CBN had previously stated that the old notes were no longer legal tender.

However, the CBN’s previous decision as regards the old notes has sparked protests in different parts of the country, with many Nigerians expressing their dissatisfaction with the process of swapping their old notes. The initial step outlined by the CBN appeared to be tedious and quite impossible, as it required individuals who wished to exchange their old notes to go to a CBN office in their state.

what do you think? Do you think this would ease the struggle? let us know in the comment section

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