‘Old Naira Notes Have Ceased to Be Legal Tender’ – CBN

The Central Bank of Nigeria (CBN) has allegedly announced that since February 10, 2023,  the old 200, 500 and 1000 naira notes ceased to be legal tender.

Though the Supreme Court had issued an order which restrained the apex bank from going on with the February 10 deadline until it rules on a case before it on February 15, 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. 

DailyTrust quotes Andaza as saying that:

”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.”

Related story:

Naira Notes Scarcity: Banks Begin Handing out Sacks of Coins to Customers (video)

‘Old Naira Notes Have Ceased to Be Legal Tender’ – CBN