The Central Bank of Nigeria (CBN) said it will start circulating newly redesigned N200, N500, and N1000 naira notes from December 15, 2022.
Governor Godwin Emefiele disclosed this on Wednesday afternoon during a special briefing. He said the naira notes were redesigned following approval by the Federal Government.
Mr Emefiele also noted that in line with the transition from old notes to new ones, bank charges for cash deposits have been suspended with immediate effect.
He also explained that the new and existing naira notes shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.
It was based on these trends, problems, and facts, and in line with sections 19, subsections a and b of the CBN Act 2007, that the management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.
All Deposit Money Banks currently holding the existing denominations of the currency are expected to begin returning these notes to the CBN effective immediately, as the newly designed currency will be released to the banks on the order of First-come-First-serve basis.
Customers of banks are also expected to begin paying into their bank accounts the existing currency to enable them to withdraw the new banknotes once circulation begins in mid-December 2022.
All banks are therefore expected to keep open, their currency processing centres from Mondays through to Saturdays to accommodate all cash that will be returned by their customers.
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