The Central Bank of Nigeria (CBN) has issued a directive to commercial banks to collect old N500 and N1,000 notes from customers.Information Guide Nigeria

According to THE NATION, the apex bank said the old notes are legal tender following the directive of the Supreme Court.

CBN’s spokesman Isa Abdulmumin stated that commercial banks have begun to issue old and new notes to customers at their various Automated Teller Machines (ATMs) terminals and over the counter.

Isa Abdulmumin said though the CBN was yet to issue an official statement on the matter, Nigerians can spend and collect old N500 and N1,000 notes.NYSC Portal

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According to him, this is in line with the apex Court’s ruling.

Abdulmumin , who spoke with The Cable said: “Banks are paying old notes as well as new notes. They are all legal tender.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

THE NATION reports that CBN’s spokesperson said he was concerned over continued rejection of the old notes by some traders and transporters.

He emphasized that old notes should not be rejected as they are still a valid means of exchange.

Abdulmumin added: “No. They can’t reject it. It’s all legal tender.”JAMB Result

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