Update on new naira note deadline
As of my knowledge cutoff, the Central Bank of Nigeria (CBN) has extended the deadline for the old Naira notes to cease being a legal tender from February 10, 2023, to April 10, 2023.
According to the CBN, the extension is to enable Nigerians to deposit their old Naira notes at commercial banks and to facilitate the distribution of the new Naira notes to all parts of the country.
Here are some key updates on the new Naira note deadline:
- Old Naira notes still valid: The old Naira notes (N200, N500, and N1,000) are still valid for use until April 10, 2023.
- New Naira notes distribution: The CBN has instructed commercial banks to distribute the new Naira notes to their customers, and the public can access them through their bank accounts or by visiting their bank branches.
- Deposit old Naira notes: Nigerians are encouraged to deposit their old Naira notes at commercial banks to exchange them for new ones.
- Penalty for hoarding: The CBN has warned that individuals who hoard the old Naira notes after the deadline may face penalties, including fines and imprisonment.
- Extension for rural areas: The CBN has extended the deadline for rural areas, where the distribution of new Naira notes may be slower, to May 31, 2023.
It's essential to note that the CBN may make further updates or changes to the deadline, so it's crucial to stay informed through official channels or reputable sources.
Please let me know if you have any further questions or concerns!