BREAKING: CBN orders banks to collect old N500, N1,000 notes with peg limit

 Insists it’s no more legal tender The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were no more legal tender. A source from the 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 said, “Go to your bank but fill out the form before you go.

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