The Central Bank of Nigeria (CBN) has declared that the old Naira Notes of N200, N500, and N1000 have ceased to be legal tender in Nigeria since the expiration of the 10th of February, 2023 deadline.
The declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza.
Tribune reports that Andaza however explained that Nigerians with the old naira notes can swap them at any of CBN branches nationwide.
“In the last 24 hours, we have been besieged with queries from all angles of the general public concerning our operational guidelines on the old currency notes; nonetheless, there are so many issues here and there that people have been asking about.
“For the avoidance of doubt, we desire to state unequivocally that the CBN is ready and willing to accept all of those old notes subject to specific restrictions and requirements.”
Old Naira Notes
He restated that customers are free to come to the CBN branches as Commercial Banks will no longer accept the old notes, DailyTrust also reported.
His words: “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.”
CBN plans to pump new naira notes into circulation Meanwhile, the Central Bank of Nigeria is preparing to make another N500bn new naira notes available to banks and, more crucially, Nigerians
Due to the lack of new naira notes, Nigerians and PoS operators have been forced to continue trading with the old currency.
It is expected that the apex plan to pump more cash, pushing the value of new naira notes in circulation closer to N1 trillion.