The Central Bank of Nigeria (CBN) 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.
According to Cable news online platform, this was confirmed by the Director, of Corporate Communications of CBN, Osita Nwanisobi, who said that it is just for the sum of N500,000 and below.
The CBN had opened a portal where those who still have the old notes could log in, fill in their details to get a code and then take their money to the CBN branch to deposit for onward transfer to their account.
However, the surge in the number of people who want to deposit their old banknotes at the Lagos CBN office may have forced an adjustment in the arrangement of the regulatory bank on the deposit of the old banknotes.
The CBN maintained that the old currencies were no more legal tender.
There are reports that CBN office in Marina Road, Lagos State was being besieged by a huge crowd of bank customers who want to deposit their N1000 and N500 old notes on Friday.
This comes after President Muhammadu Buhari on Thursday morning during an address to Nigerians announced that old N1000 and N500 notes were no longer legal tender.
However, commercial banks may not have the mandate to collect amounts above N500,000 from the public and they have to refer that to the CBN office.
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Banks have been advised to open on weekends to enable them to accept deposits of old banknotes from the public, according to the CBN.
Huge cash above N500,000 cannot be collected by banks, which means such customers have to approach the CBN to deposit such amounts, with details of their BVN and other identities.