The Central Bank of Nigeria (CBN) an agent of the federal government has defied the Supreme Court order restraining the Nigerian government from implementing the February 10 deadline for the usage of old naira notes as the apex bank declared that the old N200, N500 and N1000 are no longer legal tender since last week Friday.
Nigerians have been thrown into a state of confusion since Monday as the CBN kept mum on the new directives on old naira notes following the ex parte order by the apex court.
Iwitnesslive reliably learnt that the CBN is going ahead with the implementation of the deadline because it feels the Supreme Court order was not binding on it as it was not joined in the suit filed by the governments of Kogi, Kaduna and Zamfara States.
Some Nigerians who attempted to deposit their old notes were turned back as commercial banks rejected the currency.
Many market people including filling stations also rejected old currency as confusion pervaded the economic space.
Banks claimed the CBN had yet to give them a fresh directive and would stick to the earlier February 10 deadline.
However, CBN Branch Controller in Bauchi, Haladu Idris Andaza, on behalf of the bank made a categorical statement about the state of old naira notes affirming fears nursed by Nigerians by saying they are no longer legal tender.
He added that banks would no longer accept them and anyone with old notes could visit any of the CBN’s offices across the country.
“In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes, be that as it may, there are so many questions here and there that people have been asking about.”
“So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has seized to be a legal tender since the 10th of this month.
“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.
“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange. After filling the form, you generate a code, you either print it or come with it in your mobile phone, give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details and the amount you want to deposit.”
“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”