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Old Naira notes are no longer legal tender – CBN

by Yvonne ONUAH

The Central Bank of Nigeria (CBN) has reportedly announced that the old N200, N500 and N1000 naira notes are no longer considered legal tender as of February 10, 2023.

It could be recalled that the Supreme Court had on February 8, 2023, made an interim order, restraining the CBN from going ahead with the enforcement of its February 10, deadline for the use of the old naira note. A seven-member panel of the court, led by John Okoro, gave the order of interim injunction amid an acute scarcity of the newly redesigned N200, N500, and N1,000 currency notes.

According to Daily Trust, CBN Branch Controller in Bauchi, Haladu Idris Andaza told newsmen on Monday, February 13, that the old notes ceased to be legal tender on the deadline given earlier. 

“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 which people have been asking about.

“So, for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive 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 seized to be a legal tender since the 10th of this month.

“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 the form, you generate a code, you either print it or come with it in your mobile phone, 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.”

In December 2022, the CBN introduced the new notes amid efforts to fight corruption, terrorism, counterfeiting and related crimes. However, Nigerians are having a hard time getting the new notes amid scarcity and rising tension across the country.

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