New naira notes deadline
You're referring to the deadline for the old Naira notes to be replaced with the new ones in Nigeria.
As of March 2023, the Central Bank of Nigeria (CBN) has announced a deadline of January 31, 2024, for the old N200, N500, and N1,000 notes to be replaced with the new ones. This means that after January 31, 2024, the old notes will no longer be accepted as legal tender in Nigeria.
The CBN has been implementing a currency redesign and replacement program since December 2022, with the goal of reducing counterfeiting, improving the efficiency of the financial system, and promoting financial inclusion.
Here are some key points to note about the deadline:
- The old N200, N500, and N1,000 notes will no longer be accepted as legal tender after January 31, 2024.
- The new N200, N500, and N1,000 notes are already in circulation, and you can exchange your old notes for new ones at commercial banks, ATMs, and other authorized outlets.
- The CBN has set up a special window for the exchange of old notes at commercial banks, which will be open until January 31, 2024.
- After the deadline, you will not be able to exchange your old notes for new ones, and they will no longer be accepted as legal tender.
- The CBN has warned that anyone found with old notes after the deadline may face penalties, including fines and even imprisonment.
It's essential to note that the deadline is subject to change, and you should always check with the CBN or commercial banks for the latest information on the currency redesign and replacement program.