The Central Bank of Nigeria, CBN, has ordered commercial banks to begin the collection of old N500 and N1,000 notes immediately from the public.
The apex bank also stated that the maximum amount customers can swap will be N500,000.
CBN Director of Corporate Communications, Osita Nwanisobi, disclosed this exclusively to DAILY POST in an interview on Friday.
Nwanisobi said: “The Central Bank has directed all Commercial banks to start collecting old N500, and N1000 notes from customers with immediate effect. It applies to customers swapping N500,000 and below only”.
