As protests spread in some parts of the nation over the cash swap policy, the Central Bank of Nigeria (CBN) ordered banks to collect the old N500 and N1,000 notes from Nigerians with immediate effect.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
It however pegged the maximum amount the banks can collect at N500,000.
The CBN maintained that the old notes were no more legal tender.
A CBN source told our correspondent the order that banks should collect the monies was necessary instead of going to the CBN office following difficulties encountered in getting access to the bank.
The CBN source 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.”
The CBN opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.
After President Muhammadu Buhari said only the old N200 note remains legal tender till April 10, the CBN Governor, Godwin Emefiele, on Thursday ordered the banks to make the old N200 notes available to Nigerians.
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
