• Mon. May 29th, 2023

“Old Naira Notes Cease to be Legal Tender on Feb 10,” CBN Insists

ByJustice Godfrey Okamgba

Feb 14, 2023

Despite a supreme court order prohibiting the Central Bank of Nigeria (CBN) from enforcing the deadline for depositing old naira notes, the apex bank has reiterated that the new naira notes are now legal tender.

The CBN had originally set January 31 as the deadline for old notes to be removed from circulation, but it was extended to February 10 in response to public pressure.

While many Nigerians are still using the old naira notes in some parts of the country, however, there has been silence on the part of the apex bank since the court gave its ruling.

According to the CBN, old N200, N500, and N1000 have ceased being legal tender since February 10, 2023.

Commenting on the development in a chat with journalists, CBN Branch, Controller in Bauchi, Haladu Idris Andaza said the old notes were no longer legal tender.

“In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes, be that as it may, there are so many questions here and there that people have been asking about.”

“So for the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receiving all of those old notes based on certain conditions and criteria. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has been seized to be legal tender since the 10th of this month.

See also  Frustration Mounts as Interest Rates Skyrocket for Nigerian Manufacturers

“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.

“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange. After filling out the form, you generate a code, either print it or come with it on your mobile phone, and give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details, and the amount you want to deposit.”

“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.