CBN Reveals Next Line of Action for Old Naira Notes After Feb 10 Deadline, Makes Promises

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

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.

Read also

Old Naira notes swap: House of Reps shares details of agreement with CBN governor

He also noted that the old banknotes would no longer be used for any form of transactions afterward,Punch reports.

CBN new naira note deadline
CBN promises that no Nigerian will lose their money Photo credit: NurPhoto
Source: Getty Images

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.

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

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.

His words:

"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."

Read also

CBN naira policy: Banks to accept old notes after deadline? Emefiele gives update

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.


Online view pixel