The Central Bank of Nigeria (CBN) has reiterated that the old N200, N500, and N1,000 notes are no longer legal tender, despite a Supreme Court order that barred the apex bank from implementing the February 10 expiration date for the old notes.
Haladu Idris Andaza, CBN’s branch controller in Bauchi, confirmed this to journalists on Monday, stating, “For the avoidance of doubt, we wish to state categorically that CBN is ready and open to receive all of those old notes based on certain conditions and criteria.” He added that customers are free to come to the bank and deposit the old notes, which they cannot do at commercial banks anymore because the currency has ceased to be legal tender since the 10th of this month.
Mr. Andaza further said that individuals and institutions with old banknotes can deposit them with branches of the apex bank across the 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,” he said.
In October last year, CBN Governor Godwin Emefiele announced the redesign of the N200, N500, and N1,000 notes. The new notes have improved security features and designs aimed at enhancing their durability and reducing the cost of producing them. The old notes will be gradually phased out of circulation.
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