CBN INSTRUCTS NIGERIANS TO BEGIN REJECTING OLD NAIRA NOTES FROM BANKS.

The Central Bank of Nigeria (CBN) has directed customers to begin rejecting old naira notes from banks, claiming that the old notes ceased to be legal tender on January 31, as previously stated.

Dr. Rekiyat Yusuf, Deputy Director, Currency Operations, announced this on Thursday in Lokoja, Kogi State. She stated that any banks found dispensing old notes to customers would face appropriate sanctions.

Customers were therefore directed by the CBN to report any bank still dispensing old notes, either over the counter or through ATMs, to the apex bank. She also urged traders to take advantage of the window provided by the January 31st deadline by visiting banks and exchanging old notes for new ones.

“There is no reason for banks to still be stocking their ATM with old notes as the Apex bank has made enough redesigned notes available for dispensing to members of the public. Any bank caught would face appropriate punishment, she said.