Sunday, February 19, 2023


Here is a simplified version of what President Buhari said regarding old Naira notes:

The old 200 Naira notes are still valid until April 10th.

The Central Bank of Nigeria (CBN) will give the old 200 Naira notes they've collected back to banks so that people can withdraw money.

The old 500 and 1000 Naira notes are no longer valid as legal tender.

Banks are not allowed to collect the old 500 and 1000 Naira notes from customers anymore.

People who still have old 500 and 1000 Naira notes should deposit them at designated CBN branches in their states.

If you run a business, do not accept the old 500 and 1000 Naira notes. You will need to fill out an online form to generate a reference number before depositing the old notes at a CBN branch. It may take up to 4 weeks for the deposited money to reflect in your bank account. Also, CBN may withhold the money if they cannot verify your identity as the account owner.

It is important to note that the Supreme Court does not have the power to overturn the President's policies unless they break the law. The current policy regarding old Naira notes has not broken any law, so the Supreme Court cannot intervene.

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