5 Things You Must Know About the Launch of the New NAIRA NOTES

On December 15, 2022, the CBN (Central Bank of Nigeria) will introduce new 200, 500, and 1,000 Naira notes into circulation, and phase out the current notes as legal money on January 31st, 2023.

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

1. 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 account(s). All old 200, 500 and 1,000 Naira notes must be deposited into an existing or new Bank account.

2. 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 account on or before January 31st, 2023. They will have no monetary value after this date.

3. Must I deposit the old Naira notes at the Bank where my account is domiciled?

No. You can deposit all old 200, 500, and 1,000 Naira notes into your account at any Bank nationwide, on or before January 31, 2023.

4. Is there a 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 at any Bank nationwide, on or before January 31″, 2023.

5. Will I 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 31, 2023.

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