CBN Says to Nigerians, Old naira notes are no longer valid currency.

CBN refuses Supreme Court ruling.

Godwin Emefiele, the governor of the Central Bank of Nigeria, announced the redesign of the N200, N500, and N1,000 notes in October 2022. However, since the launch of the new currency, the Nigerian financial system has been sent into a frenzy due to insufficiency of the newly printed notes.

Haladu Idris Andaza, CBN’s branch controller in Bauchi, told journalists on Monday that for the avoidance of doubt, He would like to say unequivocally that CBN is prepared and willing to accept all of those old notes subject to certain requirements and standards. Customers are welcome to visit the bank and deposit money, something they are no longer able to do at commercial banks due to the currency’s loss of legal tender status as of the 10th of February.

“The management of the CBN decided that those customers with the old currency 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.