The Central Bank of Nigeria (CBN) will introduce the new 200, 500 and 1,000 Naira notes into circulation on December 15th 2022 and then phase out the existing bills as legal on January 31st 2023.
Here are a few things you should know as you prepare for this transition.
- Can I exchange my old Naira notes for the new currency?
No. There is no currency exchange program available and you can only get the new Naira notes when you withdraw cash from your bank accounts within Nigeria. All old 200, 500 and 1,000 Naira notes must be deposited into an existing or newly opened bank account.
- What do I do with the old 200, 500 and 1,000 Naira notes in my possession?
You must deposit all old 200, 500 and 1,000 Naira notes in your possession into your bank accounts within Nigeria on or before 31st January 2023. The old Naira notes will have no monetary value at the expiration of this date.
- Must I deposit the old Naira notes in my local bank account of my bank?
No. You can deposit the old 200, 500 and 1,000 Naira notes at any branch of your bank within Nigeria on or before 31st January 2023.
- Is there any limit to the amount or value of old Naira notes I can deposit?
There is no limit to the amount or value of old 200, 500 and 1,000 Naira notes you can deposit into your bank account within Nigeria so long as it’s done on or before 31st January 2023.
- Will I have to pay any excess cash deposit charge?
No. The Central Bank of Nigeria (CBN) has implemented a waiver of the excess cash deposit charge nationalise for all old 200, 500 and 1,000 Naira note deposits on or before 31st January 2023.
- How do I get more updates on the new Naira notes?
For more information or updates on this cash transition, subscribe to 9News Nigeria news updates or send an email to info@9newsng.com
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