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

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

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

A source from the bank told Punch that the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank.

The source was quoted to have said, “Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”