CBN Declares Old Naira Notes Illegal Tender, Gives New Directives To Nigerians

The Central Bank of Nigeria (CBN) has addressed Nigerians on the confusion over the usage of old naira notes as a legal tender.

According to reports made available to VerseNews Nigeria, CBN has declared that N200, N500 and N1,000 notes are no longer legal tender after the expiration deadline on February 10, 2023.

Haladu Idris Andaza, CBN branch controller in Bauchi said this while addressing journalists on Monday.

In her statement, the CBN guidelines on the old naira notes remain as it is and there won’t be need for any confusion among Nigerians.

“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,” Andaza said.

What happens to the old Naira Notes?

This Online Newspaper Understands that some Nigerians and business places in different parts of the country have fail to accept the old naira notes as a means of exchange.

This has created tension among Nigerians who were unable to deposit the old naira notes before the deadline.

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However, Andaza stated that CBN is ready to receive all the old naira notes based on certain conditions and criteria.

She added that the old currencies cannot be deposited in Commercial Banks because the currency has seized to be a legal tender since after the deadline on February 10.

“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,” she said.