CBN: Old Naira Notes No Longer Legal Tender, Warns Nigerians, Banks

CBN -The Central Bank of Nigeria has insisted old N200, N500 and N1,000 notes are no longer legal tender despite a Supreme Court order stopping the apex bank from implementing the February 10 expiration date for the old notes.

iexclusivenews reports that Haladu Idris Andaza, CBN’s branch controller in Bauchi, disclosed this to journalists on Monday.

“For the avoidance of doubt, we wish to state categorically that CBN is ready and is open 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 ceased to be a legal tender since the 10th of this month,” Mr Andaza said.

He further stated that individuals and institutions with old banknotes can deposit them with branches of the apex bank across 36 states of the country.

“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,” Mr Andaza said.

However, iexclusivenews reports that in October, CBN governor Godwin Emefiele announced the redesign of the N200, N500 and N1,000.