Understanding CBN measures!

In line with Sections 20(3) of the CBN act , the CBN is meant to ensure that those who have old notes but didn’t have the opportunity to deposit them into their banks before February10, 2023 ,are able to REDEEM their STOCK of the old notes at the CBN for value. Anyone who wishes to do so, have only one / singular opportunity to do so at the CBN after the notes have lost their legal tender status on February 10, 2023. No person is allowed to redeem his/ her notes more than once. This is what the CBN is trying to do. To redeem your old notes, you are meant to complete a form on CBN website where you get a CBN code to redeem your old notes. To reduce the crowd at the CBN, it mandated the banks to collect sums below N500,000 . As far as CBN is concerned, the old N500 and N1,000 have since expired after February 10 and cannot be accepted as means of exchange for goods and services.