CBN: The old currency will remain legal tender until January 31, 2023.
The CBN stated on its Facebook page that “the current series of N200, N500, and N1,000 notes would remain legal tender until the deadline of January 31, 2023.”
Additionally, it stated on its Twitter account that the use of the old notes would not be extended past January 31 and advised Nigerians to make sure they deposited all of the old N200, N500, and N1,000 banknotes they had in their possession before that date. NewsReport gathered.
Meanwhile, with 23 days until the deadline, Nigerians have continued to bemoan the manner in which the apex bank is handling the process of introducing the new naira notes.
An investigation showed that over the counter cash transactions within banking halls were still being done mostly with old notes, including withdrawals, instead of new notes at a time when the banks should be receiving old notes. Even the Automated Teller Machines (ATM) dispense old notes.
The CBN’s Deputy Governor in charge of financial system stability, Aisha Ahmad, told the House of Representatives during a public hearing on the implementation of the CBN’s cashless policy and the new withdrawal limits that the CBN had ordered the printing of 500 million new naira notes in the first contract.
The CBN announced on October 26, 2022, that higher denominations of the naira (N200, N500, and N1,000) would be redesigned and introduced into the economy on December 15, 2022, while commercial banks were directed to return existing denominations to the CBN.
President Muhammadu Buhari unveiled the new naira on November 23 of last year.
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