Deposit money banks have commenced collection of old N500 and N1000 notes from citizens following a directive from the Central Bank of Nigeria, Peoples Gazette reports.

On Friday, the CBN directed the banks to resume over the counter collection of the earlier outlawed banknotes. They are, however, not to collect cash beyond N500,000. Customers with large sums of money are to deposit them at branches of the apex bank nationwide, the directive stated.

Customers visiting the banks would be required to register via the CBN portal first before approaching the bank to make a deposit. 

Analysts say the latest directive is a mechanism set in place by the apex bank to mop up old naira notes from circulation as citizens besiege branches of the Central Bank across the country to deposit their old notes.

On Tuesday, the CBN announced  that though the old notes have ceased to be legal tenders, citizens who still have them can deposit them with branches of the apex bank across 36 states of the country.

In October 2022, the CBN announced the naira redesign policy, a development that has seen old notes withdrawn from circulation leaving citizens suffering several cash scarcity.

In a broadcast Thursday morning, President Muhammadu Buhari approved the recirculation of only old N200 notes for a 60 days window, ending on April 10. He added that citizens with old N500 and N1000 notes can deposit them with the CBN within the stipulated time.