Connect with us

Hi, what are you looking for?

Business

CBN Clarifies Position On Old Notes Deadline

Old Naira Notes Remain Legal Tender Indefinitely - CBN

Central Bank of Nigeria (CBN) has clarified its position on the legal tender status of the old series of the N1,000, N500, and N200 banknotes after the February 10, 2023, deadline.

Gatekeepers News reports that the CBN’s Director of Corporate Communications Department, 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.

In a statement obtained by Gatekeepers News, Nwanisobi, while quoting Section 20(3) of the CBN Act, said 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.

While reiterating the pledge of the CBN Governor, Godwin Emefiele, at the meeting with the House of Representatives Ad-hoc committee on Tuesday, the apex bank Director said Nigerians would not lose their money.

He, however, 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.

Nwanisobi further 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.

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

You May Also Like

Business

Find below, the Dollar to Naira exchange rate for today, 29 March 2024. Gatekeepers News has obtained the official dollar to the naira exchange rate in...

Business

Find below, the Dollar to Naira exchange rate for today, 28 March 2024. Gatekeepers News has obtained the official dollar to the naira exchange rate in...

Business

Find below, the Dollar to Naira exchange rate for today, 27 March 2024. Gatekeepers News has obtained the official dollar to the naira exchange rate in...

News

Central Bank of Nigeria’s Monetary Policy Committee (MPC) has increased the benchmark interest rate by 200 basis points to 24.75 per cent. Gatekeepers News...