See Mammoth Crowd At CBN As Nigerians Struggle To Deposit Old Naira Notes

A video showing the moment thousands of Nigerians trooped to the Central Bank Of Nigeria, (CBN) Lagos branch at Tinubu Square Custom street, Marina, to deposit their old currency have surfaced on social media.

Naija News reports that the Governor of the apex bank on Tuesday said it was open to receive old notes based on certain conditions and criteria.

In a statement, Haladu Andaza, the CBN Branch Controller in Bauchi stressed that customers were free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has seized to be a legal tender since the 10th of this month.

In compliance with the directive, thousands of Nigerians across the city stormed CBN branch in Lagos to deposit their old notes.

See video below;

CBN Orders Banks To Collect Old N500 And ₦1,000 Notes

Meanwhile, the apex bank has reportedly ordered banks across the country to start collecting the old N500 and ₦1,000 notes from members of the public who want to deposit them with immediate effect.

The CBN, however, maintained that the old currencies were still no more legal tender, adding that the maximum amount the banks can collect from individuals is N500,000.

Those with higher amounts would still have to visit the CBN to deposit their old notes.

A source from the apex bank quoted by Punch 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 the form before you go. Go with your reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”