This is just as the Central Bank of Nigeria (CBN) on Friday ordered commercial banks to accept the old ₦500 and ₦1,000 from customers.
First Bank of Nigeria Plc has urged customers to deposit their N500, N1000 old notes at its branches nationwide.
However, the bank warned that it can only take transactions below ₦500, 000.
According to the bank, any transaction above N500,000 should be taken to the CBN.
The statement read:
“Dear Valued Customer, this is to inform you that our branches shall receive old notes up to a maximum of ₦500,000 (Five Hundred Thousand Naira) after registration on the CBN portal.
“Please note that deposits of more than ₦500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location,” the public notice read.