By John Ikani
The Central Bank of Nigeria (CBN) has declared that old N200, N500 and N1000 ceased being legal tender since February 10, 2023.
The declaration comes despite a Supreme Court order barring the apex bank from implementing the February 10 expiration date for the old notes.
CBN had originally fixed January 31 as deadline for old notes to be in circulation but extended it to February 10 in response to pressure from Nigerians.
However, before the February 10 deadline, Kogi, Kaduna and Zamfara States approached the Supreme Court, seeking that the CBN from be restrained going ahead with the deadline.
The Court answered their prayer and adjourned the case till February 15.
However, there has been silence on the part of the apex bank since the court gave its ruling.
But briefing Journalists on Monday at the CBN, branch in Bauchi, the Branch Controller of the CBN in Bauchi, Haladu Idris Andaza said the apex bank is sticking to its February 10 deadline.
He however noted that the CBN is ready and is open to receive all of those old notes based on certain conditions and criteria.
“For the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receive 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 ceased to be a legal tender since the 10th of this month,” Mr Andaza said.
He further said individuals and institutions with old banknotes can deposit them with branches of the apex bank across 36 states of the country.
“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,” Mr Andaza said.
