• Old naira notes no legal tender status after Feb 10, CBN clarifies 

    Old naira notes no legal tender status after feb 10 cbn clarifies - nigeria newspapers online
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    From Uche Usim, Abuja 

    The Central Bank of Nigeria (CBN), on Tuesday, clarified that all old naira notes of N200, N500 and N1,000 denominations will lose their legal tender status by February 10, calling on those giving misleading interpretations to desist forthwith.

    Speaking with newsmen in Abuja, on Tuesday, January 31, 2023, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, explained that the old notes would cease to be legal tender after February 10, 2023, and can no longer be used for any form of transaction afterwards.

    However, he stated that in line with the provision of Section 20(3) of the CBN Act, Nigerians would have the opportunity to redeem the face value of the Naira only at the Central Bank, after the currency had lost its legal tender status, subject to meeting certain conditions.

    Reiterating the pledge of the CBN Governor, Mr. Godwin Emefiele, at the meeting with the House of Representatives Ad-hoc committee on Tuesday, January 31, 2023, Nwanisobi said Nigerians would not lose their money, even as he urged citizens to take advantage of the extended deadline of February 10, 2023 to deposit the old banknotes currently in their possession at their banks or through mobile money agents. 

    Citing instances in other climes, Nwanisobi explained that 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.

    Nwanisobi also used this opportunity to encourage Nigerians to adopt other payment channels for their transactions, saying that Nigeria’s payment system is robust enough and ranks amongst the first in the world.

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