The Central Bank of Nigeria (CBN) has announced the planned introduction of new N200, N500, and N1,000 naira notes into circulation on December 15, 2022, and the phasing out of existing bills by January 31, 2023. That means the current N200, N500, and N1,000 naira cease to be legal tender from February 1, 2023.
Here are things you need to know:
CAN YOU EXCHANGE YOUR OLD NOTES FOR THE NEW NOTES?
No.
You can only deposit your old notes into your bank account and withdraw new notes. There is no currency exchange program available.
Banks will start paying out new notes from December 15, 2022.*
*WHAT DO YOU DO WITH OLD N200, N500 AND N1,000 NOTES IN YOUR POSSESSION?
You have to deposit them into your bank account. You can also spend it with vendors that still accept the old notes during the transition period.
Your old notes have no monetary value after January 31, 2022.
IS THERE A LIMIT TO THE AMOUNT OF OLD NAIRA NOTES YOU CAN DEPOSIT?
No.
There is no limit to the amount of old naira notes you can deposit into your account on or before January 31, 2022.
To avoid the rush, you can deposit everything now and use only online payment channels until you can get new notes if that works for you. Most traders accept bank transfers.
ARE THERE ANY EXCESS CASH DEPOSIT CHARGES?
No.
The CBN has implemented a waiver on excess cash deposit charges nationwide for all old N200, N500, and N1,000 naira note deposits on or before January 31, 2022.
For more information and enquiries, contact your bank.