Did You Return Your old Series of Naira Notes Yet‽

iruo January 24, 20230 Comments
return old series of naira notes

Hello guys! I trust we are doing great. Like the previous article, today is also a reminder for everyone who hasn’t returned the old series of their naira notes yet; N200, N500, and N1000. Yeah, I’ve taken it upon myself to be your alarm bell! LOL… The stipulated date for the cessation of these notes as legal tender by the Central Bank of Nigeria (CBN) is quite close. We are six days away. Except CBN changes or extends the date, the date remains January 31st, 2023 (Next Tuesday).

CBN stated it has lots of the new naira notes packed in its vaults. The apex bank said that it has pleaded, for a while now, with commercial banks to come collect these notes and dispense them to citizens across the country. CBN asserted that any bank found dispensing old naira notes via its Automated Teller Machines (ATMs) will be sanctioned.

Despite the approaching deadline for the use of the newly redesigned naira note, commercial banks across the country are not picking up the notes, the Central Bank of Nigeria (CBN) said. In 2022, the CBN announced a redesign and subsequent launch of N200, N500 and N1,000 notes on December 15, noting that the old ones would cease to become legal tender by January 31.

return old series of naira notes

CBN Currently Monitoring Commercial Banks

Furthermore, the head of the legal department of CBN, Kofo Salam-Alada, speaking at a sensitisation program in Lagos, said the CBN will go quite hard on banks that continue to fill their Automated Teller Machines with the old naira notes. Also, he said,

“I can tell you today that the CBN on a daily basis issues new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from the Central Bank. We have these new naira notes in our vaults and we are begging banks to come and take them.

We found out that a lot of things are happening that we need to checkmate, so we stopped the withdrawal of new notes over the counter to ensure that everyone can have access to it, and not one chief who is known to the manager, walks in, and carts away all the new notes in a particular branch. That is why we said it should be in the ATMs which cannot distinguish people.”

Kofo Salam Alada also asserted that the Central Bank of Nigeria has monitors around banks to ensure the right thing is done to expedite the circulation of the new naira notes. So guys, be sure to get your old series of naira notes returned as soon as possible. Cheerio!

Credit: legit.ng, cbn.gov.ng

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