Banks Reimburse Consumers with Soiled, Damaged Notes, Easing the Cash Shortage.

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This comes after numerous commercial banks over the weekend paid consumers with naira notes in person and through automated teller machines (ATMs).

The N200, N500, and N1,000 notes were modified by the CBN in October of last year and launched to the system on December 15, 2022.

Nevertheless, the apex bank changed the deadline to February 10, 2023, after previously putting January 31, 2023 as the cutoff date to discontinue using the old notes. This change led to a severe scarcity of naira notes in banks around the nation.

But after several weeks of back and forth, the apex bank ultimately acceded to the Supreme Court’s ruling that the old N200, N500, and N1000 will continue to be legal tender.

The Sun

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