The Central Bank of Nigeria(CBN) has announced that old naira notes of ₦200, ₦500, and ₦1000 are no longer legal tender in the country.
This statement comes on the heels of reports that commercial banks and filling stations have been rejecting old notes from customers. It also follows a series of questions on the operational guidelines of the old naira notes.
Addressing newsmen, The CBN Branch Controller in Bauchi, Haladu Idris Andaza explained that the old notes ceased being legal tender in Nigeria on Friday, February 10, 2023.
What will happen to those still in possession of the old naira notes
Andaza added that those who could not deposit the old naira notes before the expiration of the deadline could bring their old notes to any branch of the CBN based on certain conditions and criteria.
She said, “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.”
How to deposit your money at CBN
The Bauchi CBN branch controller noted that customers coming to the offices of the CBN in any of the 36 states in the Federation including FCT to deposit their money, must follow this process.
First, visit the CBN portal. Second, identify the form that relates to currency redesign and exchange, and fill it out. Third, generate a code after filling out the form. You can either decide to print the code or save it on your phone.
Having done that, take the code to the CBN branch in your state. The CBN will collect the code and your old naira notes. It will also process and ascertain the genuineness or otherwise of the money to avoid receiving fake notes.
CBN’s recent stance further plunged Nigerians into confusion, as most of them relaxed after the Supreme Court order restraining the Federal Government from suspending the acceptance of the old Naira notes on the Friday, February 10, 2023 deadline, based on a suit filed by the government of Kaduna, Zamfara, and Kogi State.
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