CBN makes U-turn, directs commercial banks to accept old N500, N1000 notes from customers

* Pegs maximum limit at N.5m

The Central bank of Nigeria (CBN) has order commercial banks in the country to start accepting old Naira notes from their customers.

It, however, pegged the maximum amount the banks can accept at N500,000.

The apex bank reiterated that the old currencies are no more legal tender.

Its Director, Corporate Communications, Mr. Osita Nwanisobi, confirmed the latest development, adding that any cash above N500,000 should be deposited at CBN branches.

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