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Supreme Court Order: Old Naira No Longer Legal Tender, CBN Warns Banks

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Despite Supreme Court’s order, the Central Bank of Nigeria (CBN) has maintained that old naira notes of N200, N500 and N1,000 are no longer legal tender in Nigeria.

CBN denies asking banks to collect old naira notes, CBN governor, Godwin Emefiele and new naira notes
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Despite Supreme Court’s order, the Central Bank of Nigeria (CBN) has maintained that old naira notes of N200, N500 and N1,000 are no longer legal tender in Nigeria.

Recall that the supreme court had given order stopping the CBN from implementing the February 10 deadline for Nigerians and banks to exchange old naira notes with the new ones.

Haladu Idris Andaza, CBN’s branch controller in Bauchi, disclosed this to journalists on Monday.

“For the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receive 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 can 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 last October.

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