CBN declares that old naira notes are no longer legal tender

On February 10, 2023, the Central Bank of Nigeria (CBN) announced that the previous N200, N500, and N1000 notes would no longer be accepted as legal tender.

This development follows the Abuja Supreme Court’s decision to prevent CBN from implementing the old notes’ expiration date of February 10.

On Monday, February 13, Haladu Idris Andaza, the CBN’s branch controller in Bauchi, made this information available to the media.

He stated, “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,” as reported by DailyTrust.

Since the currency ceased to be legal tender on the 10th of this month, customers are no longer able to deposit at commercial banks. Instead, they can come to the bank and do so.

By visiting the CBN’s offices in all 36 of the federation’s states, including FCT, to deposit their funds, the CBN’s management decided that these customers would be relieved.

The customer must fill out a form on the CBN portal, which will contain a form regarding the currency redesign and exchange.

When you have done it accurately, you come to the CBN where the code will be acknowledged from you as well as the cash, process and affirm the validity or in any case of the cash to try not to get phony notes since there are a few phony notes available for use now.”

 

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