Despite the Supreme Court’s decision prohibiting the apex bank from enforcing the February 10 expiration date for the old N200, N500, and N1,000 notes, the Central Bank of Nigeria has claimed that they are no longer lawful cash.
This was made public on Monday by Haladu Idris Andaza, the branch controller for the CBN in Bauchi.
“For the avoidance of doubt, we wish to state categorically that CBN is ready and open to receiving 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 could 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 notes.
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