The old N200, N500, and N1000 notes will no longer be legal tender after the deadline of February 10th, according to the Central Bank of Nigeria (CBN).
Osita Nwanisobi, the director of the CBN’s corporate communications department, reportedly revealed this to reporters in an interview on Tuesday in Abuja, according to The Site News.
Nwanisoobi spoke with reporters after the meeting between the CBN Governor, Godwin Emefiele, and the House of Representatives Ad-hoc committee on naira redesign.
The CBN spokesman explained that the old notes would cease to be legal tender after February 10, 2023, and could no longer be used for any form of transaction afterward.
He stated that in line with the provision of Section 20(3) of the CBN Act, Nigerians would have the opportunity to redeem the face value of the naira only at the CBN, after the currency had lost its legal tender status, subject to meeting certain conditions.
Nwanisobi said Nigerians would not lose their money, even as he urged citizens to take advantage of the extended deadline of February 10, 2023 to deposit the old banknotes currently in their possession at their banks or through mobile money agents.
Citing instances in other climes, Nwanisobi explained 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.
Nwanisobi also used this opportunity to encourage Nigerians to adopt other payment channels for their transactions, saying that Nigeria’s payment system is robust enough and ranks amongst the first in the world.