CBN defies the Supreme Court and says that old naira notes are no longer valid money.

The Central Bank of Nigeria, CBN, claimed that the old naira notes of N200, N500, and N1000 have ceased to be lawful money in Nigeria as of February 10, 2023, in defiance of the Supreme Court’s judgment.

Haladu Idris Andaza, the branch controller for CBN in Bauchi, made the announcement while briefing press on Monday in Bauchi.

The CBN was prevented from enforcing the February 10 deadline to suspend the circulation of the old naira notes last week by an ex parte order of the Supreme Court.

But Andaza argued that on February 10, the old naira lost its legal tender status.

For the avoidance of doubt, CBN is prepared and willing to accept all of those old notes provided they meet specific requirements.

Customers are welcome to visit the bank and deposit money, which they are no longer able to do at commercial banks due to the currency’s loss of legal tender status as of this month’s 10th.

In Ilorin, the capital of Kwara State, commercial banks are reportedly refusing old naira deposits from clients.

Nigerians in Delta, the Federal Capital Territory, Lagos, Edo, and other regions of the nation have also complained that transporters are not taking the old currencies.

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