Old Naira Notes Cease To Be Legal Tender – CBN Warns, Ignores Supreme Court

The Central Bank of Nigeria (CBN) has declared that the old Naira Notes of N200, N500 and N1000 have stopped being legal tender in Nigeria since the 10th of February, 2023.

BrandNewsDay reports that CBN made this disclosure through one of his Branch Controllers of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza while briefing Journalists on Monday at the CBN, branch in Bauchi.

The statement reads, “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,” Andaza said.

“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.”

Andaza further explained that “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.

Old Naira Notes – What you should know

• Kano State Government has ordered a supermarket locked over its refusal to accept old naira notes.
• The CBN’s stance comes a week after three states – Kaduna, Zamfara, and Kogi State on Monday instituted a suit against the Federal Government at the Supreme Court over the scarcity of old and new Naira notes due to the CBN naira redesign policy.
• Supreme Court ordered the suspension of the deadline of the 10th of February, 2023  for old naira notes to cease as legal tender.