CBN Warns Against Rejection Of Old Naira Notes

As the deadline allowed for transacting in old Naira Notes draws nearer, the Central Bank of Nigeria (CBN) has warned market women and traders in Bauchi not to reject the notes until the end of this month.

The branch controller of CBN Bauchi, Idris Andaza said this while sensitising traders at Wunti market on the need to deposit the old Naira Notes with commercial banks before the 31st January 2023 deadline allowed for using the notes as legal tender.

“We are here to sensitise them that the redesigned notes will be used hand in hand with the old notes until 31st of January this year. By then, the old N200, N500 and N1000 notes will cease to be legal tender in Nigeria.

“We are calling on marketers who are in the habit of keeping their money in shops to within the remaining window, hasten to any commercial bank and deposit the old notes.

“All the commercial banks have been instructed to collect the old notes without charging the customers,” the branch controller said.

He said over the years, Naira Notes in circulation have defaced due to poor handling and hesitation of people in depositing the same in the bank.

The controller, who was represented by Sulaiman Laydo, said, “With this redesign, the new naira Notes have more quality and the security has been improved. They are more beautiful and durable.”

The director of National Orientation Agency (NOA), Nuru Yusuf Kobi, said the sensitisation campaign is already in Bauchi rural communities as agents were sent to all the local governments of the state.