CBN Takes Final Decision on Old Naira Notes

CBN has taken a final decision on old Naira notes as legal tender.

Newsone reports that 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 10th of February, 2023.

This online news platform recalls that most banks customers were confused on Monday as commercial banks rejected the old Naira notes they wanted to deposit.

The decision of the CBN is coming despite a Supreme Court ruling stopping the Central Bank of Nigeria (CBN) from implementing the February 10, 2023 deadline for swapping of old Naira notes for the newly redesigned Naira notes.

Newsone Nigeria recalls that some
states had also challenged the naira redesign policy in court.

In a Suit Number: SC/CS/200/2023, the states asked the apex court to declare that the President of Nigeria, cannot unilaterally direct the Central Bank of Nigeria to recall the new N200, N500 and N500 old Bank notes without recourse to the Federal Executive Council and National Economic Council, respectively.

They also prayed a mandatory order seeking for a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation, for affecting the economic wellbeing of over 20 million of its citizens.

The applicants also sought mandatory order, compelling the Federal Government to reverse the Naira redesign policy for alleged failure to comply with 1999 (as amended) constitution of the Federal Republic of Nigeria.

However, the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza while briefing Journalists on Monday in Bauchi, said customers were free to go to the Central Bank and deposit which they could not do at the Commercial Banks anymore because the currency had ceased to be a legal tender since the 10th of February.

He said that “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 which people have been asking about.”

According to him, “So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened 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 seized to be a 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 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.

“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.”