If you had put all your ₦500 and ₦1,000 notes together to rush to commercial banks to deposit them, thinking the Central Bank of Nigeria (CBN) asked banks to collect them, just wait and read this article to the end.
The CBN on Friday says it did not ask commercial banks to resume collection of old ₦500 and ₦1,000 notes.
There were reports that the CBN had asked banks to resume the collection of the notes that are now illegal.
But a statement by the CBN is saying a different thing. It emphasises the position of the apex bank on the old currencies.
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Those notes are no longer accepted at commercial banks. You can only redeem them at the apex bank’s branch.
See by the apex bank.
The currency swap is riddled with all sort of controversies and unpleasant situations for Nigerians.
The old and new Naira notes are not in circulation.
Nigerians have had to pay to to get cash from PoS operators at very high rates.
