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Uncertainty Grips Nigerians Over Old Naira Notes



Acting Director, Corporate Communications

As few banks in Osogbo accept old naira notes

As scarcity of new naira notes continues to force Nigerians into reducing their ways of spending market women, business owners and petty traders are beginning to reject old naira notes.

This was as they are skeptical if the old N1000, N500 and N200 remain legal tender.

Blaze Newz gathered that banks like Keystone, Jaiz and GTbank operating within Osogbo, capital of Osun State are still accepting the old naira notes as deposit.

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Blaze Newz also recalls that in a press statement issued weeks ago by Godwin Emefiele, the CBN governor, said the new deadline for old naira note is February 10, 2023.

Emefiele, however, stated in the press statement that “A 7-day grace period, beginning on February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.”

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But a Supreme Court judgement in a suit filed by Kaduna State Governor, Nasir El-Rufai,Kogi State Governor, Yahaya Bello, and their Zamfara State counterpart,Bello Matawalle,on Wednesday, ruled that the Central Bank of Nigeria should temporarily stop the process of withdrawing the old naira notes.

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The Governors argued to the court that the demonetization policy of the regime is in violation of the extant provisions of the Central Bank of Nigeria Act, 2007, the Nigerian Constitution.

The Governors also requested the apex bank to declare sufficient notice for the use of the older versions of the naira notes, adding that it is a violation of Section 20(3) of the CBN Act 2007 to make denominations lose their legal tender status.

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