CBN Reveals Next Line of Action for Old Naira Notes After Feb 10 Deadline, Makes Promises
- The Central Bank of Nigeria has stated what will happen to old naira notes held by Nigerians after the deadline
- Nigerians are expected to deposit the old, 1000, 500 and 200 naira notes into their bank accounts by February 10, 2023
- CBN, however, has said that the deadline will not render old naira notes worthless as the notes will continue to be swapped
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The Central Bank of Nigeria (CBN) has clarified its position on the legal status of the old series of N1,000, N500, and N200 banknotes after the February 10 deadline for depositing the affected banknotes.
Speaking with journalists on Tuesday, January 31, 2022, Osita Nwanisobi, the director of CBN's Corporate Communication Department, explained that the old notes will cease to be legal tender after February 10, 2023.
He also noted that the old banknotes would no longer be used for any form of transactions afterward,Punch reports.
Nigerians will not lose their money
However, Nwanisobi explained that after the deadline Nigerians would have the opportunity to redeem the face value of the old notes with them after the deadline but only at CBN offices nationwide not at commercial banks.
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AriseTv noted that Nwanisobi further promised that Nigerians would not lose their money, but urged citizens to take advantage of the extended deadline to deposit the old banknotes.
"Banknotes that cease to be legal tender are only redeemable by the monetary authorities of such jurisdictions upon demand subject to conditions/ processes as may be prescribed by that Central Bank.
"I encourage Nigerians to adopt other payment channels for transactions, stressing that Nigeria’s payment system is robust enough and ranks amongst the first in the world."
Banks to pay customers N5, N10, N20 for over-the-counter withdrawals
Meanwhile, in another report, Nigerian banks have agreed to stop the payment of old naira notes to customers in the banking hall.
Banks customers will now only get the lower denomination of the old naira notes when making over-the-counter withdrawals.
The Central bank of Nigeria has set February 10 as the deadline date for Nigerians to return the old naira notes.