VIDEO: Kaduna residents storm CBN office to deposit old N500 and N1000 notes

A video circulating on social media depicts a large group of people gathered in front of the Central Bank of Nigeria (CBN) annex office in Kaduna state, as they try to deposit their old N500 and N1000 notes. The situation comes after President Buhari’s recent nationwide broadcast, where he extended the validity of the old N200 notes until April 10th, and stated that the old N500 and N1000 notes would no longer be considered legal tender. In line with past CBN directives, the President urged those with old Naira notes to visit CBN offices to deposit them.

The viral video shows a large crowd of people gathered in front of the CBN annex in Kaduna state, attempting to deposit their old Naira notes. It is unclear whether the bank was prepared to handle such a large number of customers, or whether the individuals present had followed the necessary procedures before arriving at the bank. However, the video highlights the potential difficulties that could arise as people rush to deposit their old notes before the deadline.

As the CBN continues to implement policies aimed at promoting the use of the new Naira notes, it is important for the public to be aware of the proper procedures for exchanging old notes. The CBN has advised that individuals should fill out a form on its website and generate a code before proceeding to their bank to deposit their old notes. The maximum amount that can be deposited is currently set at N500,000, and any amount above that must be deposited directly with the CBN.

the video of the crowd in front of the CBN annex in Kaduna state is a clear indication of the urgency and confusion surrounding the process of exchanging old Naira notes. As the deadline approaches, it is important for individuals to follow the proper procedures and exercise patience, while the CBN ensures that the process is smooth and efficient for all involved.