New naira note extension

You're referring to the recent development in Nigeria regarding the new naira note.

As of January 31, 2023, the Central Bank of Nigeria (CBN) had initially announced that the old N200, N500, and N1,000 banknotes would cease to be a legal tender. However, due to public outcry and concerns about the scarcity of the new naira notes, the CBN has since extended the deadline for the use of the old notes.

Here are the key updates:

  1. Initial deadline: January 31, 2023 (extended)
  2. New deadline: February 10, 2023 (extended again)
  3. Current status: The CBN has announced that the old N200, N500, and N1,000 banknotes will remain legal tender until further notice.

The CBN has also introduced some measures to alleviate the difficulties faced by citizens, including:

  1. Increased cash withdrawal limits: The daily cash withdrawal limit has been increased from N100,000 to N500,000 for individuals and from N500,000 to N5 million for corporate organizations.
  2. Extension of cashless policy: The CBN has extended the cashless policy to more states, allowing for more electronic transactions.
  3. Increased ATM limits: The CBN has increased the ATM withdrawal limit to N20,000 per day.

It's essential to note that the CBN is working to address the challenges faced by citizens and to ensure a smooth transition to the new naira notes. If you have any concerns or questions, I recommend reaching out to your bank or the CBN for more information.