Deposit limit pegged at N500,000 as CBN directs banks to collect old N500, N1,000 notes

The Central Bank of Nigeria (CBN) has directed commercial banks to collect the old N500 and N1,000 notes from members of the public with immediate effect.

It, however, pegged the maximum deposit the banks can collect at N500,000 urging those who have higher than the amount to visit any branch of the apex bank in their respective states.

Osita Nwanisobi, director of the apex bank’s corporate communications, confirmed the development on Friday.