CBN Insists Old Notes Will Cease To Be Legal Tender In February 2023
Amid concerns about the scarcity of new naira notes in circulation, the Central Bank of Nigeria (CBN) has insisted on the deadline of January 31, 2023, when the old notes will cease to be legal tender.
CBN, in its facebook message said, “the current series of N200, N500 and N1,000 notes remain legal tender until the deadline of January 31, 2023,”
In its Twitter handle, it stated said there will be no timeline extension, “so are advised to ensure they deposit all the N200, N500 and N1,000 banknotes in their possession before the deadline of January 31, 2023.”
Meanwhile, Nigerian have continued to bemoan the way at which the apex bank is handling the process of introducing new naira notes, which is still very scarce in circulation, just 25 days to the deadline.
Investigation showed that banks were still paying with old notes at a time they were supposed to be receiving old notes and paying with new naira. Even the Automated Teller Machines (ATM) are still loaded with old notes.
The CBN, Deputy Governor in charge of financial system stability, Aisha Ahmad, had earlier told House of Representatives hearing on implementation of CBN cashless policy and the new withdrawal limits, that the CBN had ordered the printing of 500 million pieces of new naira notes in the first contract, which rolled out last week, December 15, 2022.
The CBN on October 26, 2022 announced that higher denominations of the Naira including N200, N500 and N1,000 would be redesigned and introduced into the economy from December 15, 2022 while commercial banks were directed to return existing denominations to the CBN.
The new naira became a legal tender on December 15, 2022, after it was unveiled by President Muhammadu Buhari on November 23, this year.
