Tag: N1
-
Banks begin payment of old N500, N1,000 notes
Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to customers. Guaranty Trust Bank, Polaris Bank and some other banks were on Monday confirmed to be dispensing the…
-
We didn’t direct banks to collect old N500, N1,000 notes — CBN
The Central Bank of Nigeria, CBN, has said it did not direct banks to collect the old N500 and N1,000, as earlier reported. Director, Corporate Communication, Mr. Osita Nwanisobi, stated this in response to media reports that the apex bank had directed commercial banks to collect the old N500 and N1,000. He said: “The attention…
-
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…