New naira deadline
You're referring to the deadline for the old Naira notes to be exchanged for the new ones in Nigeria.
As of March 2023, the Central Bank of Nigeria (CBN) has extended the deadline for the exchange of old Naira notes (N200, N500, and N1,000) to June 30, 2023. This means that individuals and businesses have until June 30 to deposit their old notes at commercial banks or other designated exchange points.
Here are some key details to note:
- Old notes are no longer legal tender: As of February 1, 2023, the old Naira notes are no longer accepted as legal tender in Nigeria.
- Extension of deadline: The initial deadline of January 31, 2023, was extended to March 31, 2023, and then further extended to June 30, 2023.
- Exchange points: Old notes can be exchanged at commercial banks, microfinance banks, and other designated exchange points.
- Limitations: There are limits to the amount of old notes that can be exchanged at a time. For individuals, the limit is N100,000, while for businesses, it's N5 million.
- Penalties: Failure to exchange old notes by the deadline may result in penalties, including fines and even criminal charges.
It's essential to note that the CBN has also introduced a new policy to phase out the use of cash in transactions, encouraging the adoption of digital payment methods.