The old N200, N500, and N1000 notes will no longer be valid after the February 10 deadline, according to the Central Bank of Nigeria (CBN).
WITHIN NIGERIA reports that the CBN’s Director, Corporate Communications Department, Osita Nwanisobi, revealed this in an interview with reporters on Tuesday in Abuja.
Nwanisoobi spoke with reporters following a meeting between the Governor of the Central Bank of Nigeria, Godwin Emefiele, and the House of Representatives Ad-hoc Committee on Naira Redesign.
The old notes would no longer be legal tender after February 10, 2023, according to a CBN spokesman, and could no longer be used for any type of transaction after that date.
He stated that, in accordance with Section 20(3) of the CBN Act, Nigerians would only be able to redeem the face value of the naira at the CBN after the currency had lost its legal tender status, subject to certain conditions.
Nwanisobi assured Nigerians that their money would not be lost, even as he urged citizens to take advantage of the extended deadline of February 10, 2023, to deposit the old banknotes they currently possess at their banks or through mobile money agents.
Nwanisobi explained that banknotes that cease to be legal tender are only redeemable by the monetary authorities of such jurisdictions on demand, subject to any conditions or processes prescribed by that Central Bank.
Nwanisobi also took advantage of the opportunity to encourage Nigerians to use alternative payment methods for their transactions, claiming that Nigeria’s payment system is robust enough and ranks among the best in the world.