The Central Bank of Nigeria (CBN) will introduce new 200, 500 and 1,000 Naira notes into circulation on December 15th, 2022 and phase out the existing bills as legal tender 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 branch 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 Zenith Bank branch 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.
The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country. The hoarding of significant sums of banknotes outside commercial banks’ vaults should not be encouraged by anyone who means well for the country.