•CBN removes countdown live chart from website

At Mararaba market a PoS operator was going around helping those who needed cash to buy food items but at a cost. It costs N700 to withdraw N5,000 (old notes).

“I just bought fuel for N7,000 at the petrol station. I paid with old notes. Where do you see the new Naira,” Hamza Muhammed said

Check by our correspondence, Zenith Bank,Polaris Bank, First Bank, FCMB are open while access bank was not operational Peoples Daily also gathered that Some people now rely on traders to get cash.

Meanwhile,the CBN had given February 10, 2023 as the deadline for the phasing out of high-value naira notes, after which it ceases to be a legal tender.

This has been criticized by some Nigerians who have called for further extension of the deadline.

The Supreme Court on Wednesday ruled that the old 1000, 500 and 200 naira notes can still be used as legal tender in Nigeria.

The CBN had clarified its position on February 10, 2023, deadline for phasing out of Nigeria’s higher denomination of the banknotes, saying that the old notes would cease to be legal tender after the set date, and can no longer be used for any form of transaction afterward.

Osita Nwanisobi, director of the corporate communications department at the CBN, who clarified at the end of the earlier deadline of January 31, 2023, said in line with the provision of Section 20(3) of the CBN Act, Nigerians would have the opportunity to redeem the face value of the Naira only at the Central Bank, after the currency has lost its legal tender status, subject to meeting certain conditions.

Reiterating the pledge of the CBN governor Godwin Emefiele at the meeting with the House of Representatives Ad-hoc committee on Tuesday, January 31, 2023, Nwanisobi said Nigerians would not lose their money, even as he urged citizens to take advantage of the extended deadline of February 10, 2023 to deposit the old banknotes currently in their possession at their banks or through mobile money agents.