In defiance of the Supreme Court’s judgment, the Central Bank of Nigeria, CBN, stated that the old naira notes of N200, N500, and N1000 have ceased being legal tender in Nigeria since February 10, 2023.
CBN’s branch controller in Bauchi, Haladu Idris Andaza, made the announcement during a press conference on Monday in Bauchi.
Last week, the Supreme Court issued an ex parte order preventing the CBN from enforcing the February 10 deadline to end the circulation of old naira notes.
But, according to Andaza, the old naira stopped being legal money on February 10.
“For the avoidance of doubt, CBN is ready and is open to receive all of those old notes based on specific circumstances and criteria.
“Customers are free to come to the bank and deposit, something they cannot do at commercial banks since the money has ceased to be legal tender as of the 10th of this month,” he said.
It was claimed that commercial banks in Ilorin, Kwara State’s capital, are rejecting old naira deposits from consumers.
Similarly, Nigerians in Delta, FCT, Lagos, Edo, and other regions of the country have expressed dissatisfaction with transporters’ refusal to take old banknotes.
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