The Central Bank of Nigeria says the old two hundred, five hundred and one thousand naira notes will cease to be legal tender after the tenth of February, 2023.

In a statement to clarify the situation, the CBN’s Director of Corporate Communications, Mr. Osita Nwanisobi however said, after the 10th of February, those in possession of the old notes will only be able to redeem its face value at the Central Bank, subject to meeting certain conditions prescribed by the apex bank.

It says this is in line with relevant sections of the CBN Act and best practices globally.

He also urged Nigerians to make use of the several digital channels for payment and settlement of transactions, saying the nation’s payment system is robust enough.

Meanwhile, in continuation of compliance exercise of Naira Redesign Policy, the CBN in collaboration with EFCC visited some Deposit Money Banks and public spaces to investigate and ascertain level of compliance.

The joint task force led by Dr. Abubakar Abdullahi Kure, a CBN Director and MD NIRSAL Microfinance Bank, responded to a secret information of racketeering of the new naira notes around some banks in Garki area 3 and 7, Abuja. Three people were arrested in connection with the sales of the new notes.

The Team Leader said they would continue to monitor and take necessary action to deal with persons or groups involved in the racketeering.



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