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

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

Osita Nwanisobi, director of the apex bank’s corporate communications department, confirmed the development on Friday, saying “It’s just for amounts N500,000 and below.”

More to follow…