The Central Bank of Nigeria (CBN) has directed banks to collect the old N500 and N1,000 notes from members of the public.
It, however, pegged the maximum amount the banks can collect at N500,000 per customer.
Osita Nwanisobi, director of the apex bank’s corporate communications, who confirmed the development on Friday, said customers could pay in sums not more than N500,000 in the phased out currencies directly to their banks.
There has been a surge of Nigerians at branches of the apex bank nationwide trying to pay in old currency notes after the CBN opened a window for those still in possession of them to pay through it, at the end of the February 10 deadline.
