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Naira redesign: things you should know

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The Central Bank of Nigeria (CBN) has introduced new 200, 500 and 1,000 Naira notes into circulation and will phase out the existing bills as legal tender on Tuesday, January 31st, 2023.

Here are a few things you should know as you prepare for this transition.

Things you need to know about the Naira redesign policy:

  • Can one exchange my old Naira notes for the new currency?

No! There is no currency exchange program available and one can only get the new Naira notes when one withdraws cash from his/ her bank account(s). All old 200, 500 and 1,000 Naira notes must be deposited into an existing or new bank account.

  • What does one do with the old 200, 500 and 1,000 Naira notes in his/ her possession?

One must deposit all old 200, 500 and 1,000 Naira notes in one’s possession into his/ her bank account on or before January 31st, 2023. They will have no monetary value after this date.

Must one deposit the old Naira notes at the bank branch where his/ her account is domiciled?

No! One can deposit all old 200, 500 and 1,000 Naira notes into one’s account at any bank branch nationwide, on or before January 31st 2023.

Is there a limit to the amount or value of old Naira notes one can deposit?

No! There is no limit to the amount or value of old 200, 500 and 1,000 Naira notes one can deposit at any bank branch nationwide, on or before January 31st 2023

Will one have to pay any excess cash deposit charges?

No! The Central Bank of Nigeria (CBN) has implemented a waiver of the excess cash deposit charge nationwide, for all old 200, 500 and 1,000 Naira note deposits on or before January 31st 2023.

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