Traders, Transporters, Others Defy CBN, Continue to Accept Old Naira Notes

Traders, Transporters, Others Defy CBN, Continue to Accept Old Naira Notes

  • Nigerians have continued to trade and accept old N200, N500, and N1,000 notes despite the CBN deadline
  • They say since the new naira notes are not yet ubiquitous, they will continue to accept the old ones
  • CBN, however, said Nigerians can only redeem the old notes at CBN branches nationwide

Nigerians are calling the bluff of the Central Bank of Nigeria (CBN) and have continued to trade and accept the old naira notes.

Traders and transporters in Lagos were still accepting the old N200, N500, and N1,000 notes as of Monday, February 13, 2023, three days after the expiration of the CBN deadline.

CBN, old naira notes
Traders in a Lagos market Credit: Majority World / Contributor
Source: Getty Images

Nigerians express worry over CBN deadline

Several Nigerians have expressed worry over the problems surrounding the deadline for the old naira notes following a Supreme Court order restraining the Nigerian government from stopping the circulation of old naira notes.

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BusinessDay cited a source at the apex bank saying that while the bank waits for the Supreme Court verdict on Wednesday, February 15, 2023, over the fate of the old notes, they will remain legal tender.

Nigeria's apex court suspended the CBN's February 10, 2023 deadline.

Despite the Supreme Court order, commercial banks and other financial institutions are sticking to the CBN deadline of February 10, 2023, until there is a directive to the contrary.

Traders, transporters accept old naira notes

Petty traders in some markets in Lagos say they will continue to accept the old naira notes despite the deadline.

Bank directors say they constantly communicate with CBN about the discomfort caused by the cash crises.

CBN's Director of the Communications Department, Osita Nwanisiobi, stated that in line with the provisions of the CBN Act, Nigerians would only have the opportunity to redeem the face value of the old naira notes at the CBN after it ceases to be legal tender.

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Emefiele Speaks on February 10 Deadline, PoS Charges, Insists Old Naira Notes No Longer Legal Tender

“Old naira notes no longer legal tender in Nigeria,” CBN declares, tells citizens what to do reported that the Central Bank of Nigeria (CBN) has declared that the N200, N500, and N1000 old Naira notes have ceased to be legal tender in Nigeria since the expiration of the February 10, 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 could swap them at any of the CBN branches nationwide.


Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.