Connect with us

Breaking News

All you need to know about the new Naira notes

Published

on

CBN Governor freezes bank accounts

New naira notes have been redesigned by the Central Bank of Nigeria ( CBN ). The new notes denomination 200, 500 and 1000 naira notes will be released Dec 15, 2022.

Everything you need to know about the newly designed Naira Notes

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.

Advertisement

What should 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.

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 branch nationwide, on or before January 31″, 2023.

Advertisement

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 branch nationwide, on or before January 31″, 2023.

Will I have to pay any excess cash deposit charges?

The central Bank of Nigeria (CBN) has implemented a waiver of  excess cash deposit charge nationwide, for all old 200, 500 and 1,000 Naira note deposits on or before January 31″, 2023.

Advertisement

Financial institutions like Zenith Bank, Access Bank PLC and more have been sending email messages to their teeming customers nationwide informing them of the decision of the  CBN and the directives that follow including the important dates for depositing all old naira notes to the bank and when they stopped becoming legal tender.

For the latest news on the newly redesigned notes, follow techscoops.

Advertisement

 

Facebook Comments Box
Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *