The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.

however,  the apex bank pegged the maximum amount the banks can collect at N500,000.

The CBN maintained that the old currencies were no more legal tender.

Cottage News was reliably informed that CBN ordered the banks to collect the old notes from their customers who have enrolled and generated reference code from the CBN website.

it was also revealed that the CBN might have allowed the banks to collect the old notes from their customers, following the huge number of people that besieged its offices to deposit the old N500 and N1,000.