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Old Naira Notes No Longer Legal Tender- CBN Defies Supreme Court

By Adedayo Said 

In defiance of the Supreme Court order, the Central Bank of Nigeria, CBN, declared 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 declaration while briefing journalists on Monday in Bauchi.

Last week, an ex parte order of the Supreme Court restrained CBN from implementing the February 10 deadline to stop the circulation of the old naira notes.

But, Andaza insisted the old naira ceased being legal tender on February 10.

“For the avoidance of doubt, CBN is ready and is open to receiving all of those old notes based on certain conditions and criteria.

“Customers are free to come to the bank and deposit, which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month,” he stated.

It was reported that commercial banks are rejecting old naira deposits from customers in Ilorin, the capital of Kwara State.

Similarly, Nigerians in Delta, FCT, Lagos, Edo and other parts of the country have also lamented that transporters are not accepting the old banknotes.

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