Despite the Supreme Court ruling barring the Central Bank of Nigeria from implementing the February 10, deadline for the use of the old naira notes, the apex bank has insisted that old N200, N500 and N1,000 notes ceased to be legal tender.
Speaking to journalists on Monday, the CBN’s branch controller in Bauchi, Haladu Idris Andaza, advised individuals and institutions with the old bank notes to deposit them in any of the CBN’s branches across the nation, claiming that the apex bank is still open to accepting the old notes with some conditions.
“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.
In October, CBN governor Godwin Emefiele announced the redesign of the N200, N500 and N1,000 last October.