NAIRA RE-DESIGN

Photo Credit: The Letterman

• To control currency in circulation and tighten money supply to address the issue of rising inflation which hit a 17-year high in September 2022

• Address hoarding of banknotes by members of the public with over 80% of currency in circulation outside the vaults of commercial banks

• Take care of worsening shortage of clean and fit banknotes

• Address the issue of counterfeiting of Naira Notes evidenced by several reports

• Minimize the incidence of terrorism and kidnapping as access to large sums of cash used for ransome will be reduced.

• Deepen CBN's drive to entrench cashless economy and financial inclusion (Banking the unbanked)

• Strengthen the Naira

WHAT YOU NEED TO KNOW

CBN will change the current N200, N500 and N1000 currency denominations to new currency notes.

The new currency notes will go into circulation on December 15, 2022.

The old notes would stop being a legal tender by January 31, 2023.

Banks have been advised to keep all their deposit centres open from Monday to Saturday going forward for collections

Bank charges for cash deposit are not applicable during the inplementation period

• New cashless policy to be announced in January, 2023

• Visit your nearest bank branch to deposit all old banknotes (N200, N500 and N1000).

• If you do not have a bank account, visit the nearest bank branch to open one and deposit all old banknotes (N200, N500 and N1000)

• Perform normal bank transactions with your bank app or USSD

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