After the February 10 deadline for depositing the impacted banknotes, the Central Bank of Nigeria (CBN) confirmed its position on the legal status of the old series of the N1,000, N500, and N200 notes.
The old notes would no longer be accepted for any type of transaction after February 10, 2022, according to Mr. Osita Nwanisobi, Director of the CBN’s Corporate Communication Department, who was addressing to reporters on Tuesday in Abuja.
He then emphasised that this was in accordance with section 20(3) of the CBN Act. After the currency loses its position as legal tender, Nigerians would only be able to redeem the face value of the naira at the Central Bank, subject to certain conditions.
In addition to urging people to take advantage of the extended deadline to deposit the old banknotes, Nwanisobi reiterated the promise made by CBN Governor Mr. Godwin Emefiele at the meeting with the House of Representatives Ad-hoc committee on Tuesday that Nigerians would not lose their money.
Nwanisobi outlined 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. She did this by citing examples from other contexts.
He further exhorts Nigerians to use alternative payment methods for transactions, reiterating that Nigeria has a reliable payment system that is among the best in the world.