CBN Says Old Naira Notes Not Legal Tender
Despite an obvious scarcity of new naira notes, the Central Bank of Nigeria (CBN) has declared that the old N200, N500 and N1000 have ceased being legal tender since February 10, 2023.
Godwin Emefiele-led CBN has thrown Nigerians into shades as new naira design policy somersaults. After it shifted its initial deadline from January 31 to February 10 to swap old notes, local banks in Nigeria have been under pressure to meet daily demand by Nigerians.
The CBN also said it did not envisage the ongoing pressures. However, the apex bank insists the old currency is no more legal tender. The issue of naira scarcity has worsened across the nation.
Both rural and urban dwellers have been agitating for another extension which apparently, the apex bank is unwilling to grant despite its shortcomings.
Speaking about the development in a chat with journalists, CBN Branch Controller in Bauchi, Haladu Idris Andaza, said the old notes were no longer legal tender.
“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 that people have been asking about.”
“So 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. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has been seized to be 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 out the form, you generate a code, you either print it or come with it on your mobile phone, and 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.”# CBN Affirms Old Naira Notes Not Legal Tender
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