‘Old N1000, N500, N200 notes no longer legal tender’, CBN declares

Old naira notes of 200, 500, and 1000 Naira are no longer considered legal money in Nigeria, according to the Central Bank of Nigeria (CBN).

In a Monday press conference, Haladu Idris Andaza, the CBN branch controller in Bauchi, made this revelation.

However, there are a lot of questions that people have been asking here and there, Andaza said. “In the last 24 hours, we have been inundated with questions about our operational guidelines on the old currency notes from various angles of the general public.

To clear up any confusion, we would want to declare unequivocally that CBN is prepared and ready to accept all of those old notes subject to specific terms and criteria. Customers are welcome to visit the bank and deposit money, which they are no longer able to do at commercial banks because the currency has been declared legal tender as of this month’s 10th.

Therefore, the CBN management decided that those customers would breathe a sigh of relief by going to the CBN offices in all 36 states in the Federation, including the Federal Capital Territory, to deposit their money.

The customer must visit the CBN web and complete a form there, which will contain information about the currency redesign and exchange. You generate a code after completing the form, print it or bring it with you on your phone, and then present it to us together with the data it contains. You must fill out the form completely, including your contact information, account information, and the amount you wish to deposit.

By the time you have done it right, you visit the CBN where the code and the money will be taken from you, processed, and verified as real or not to prevent receiving fake notes as there are some phony notes now in circulation.