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CBN orders commercial banks to collect old N500, N1,000 notes

The Central Bank of Nigeria (CBN) has ordered commercial banks to collect the old naira notes — N500 and N1,000 notes from the people.

The apex bank revealed that the maximum amount of money banks can collect is N500,000.

The director of the CBN’s corporate communications, Osita Nwanisobi, confirmed the development to newsmen on Friday, February 17, 2023.

The director said: “It’s just for amounts N500,000 and below.”

Details shortly…

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