Existing N200, N500 And N1,000 Notes Ceases To Be Legal Tender By January 31, 2023, Says CBN
The Central Bank of Nigeria (CBN) says the existing Naira notes in N200, N500 and N1,000 denominations, will ceased to be regarded as legal tender by January 31, 2023.
In their place, the apex bank says it will release the redesigned Naira notes in the three denominations by December 15.
The CBN Governor, Godwin Emefiele, announcing this on Wednesday, said that President Buhari had approved the redesigning, production and circulation of the new three denominations of the Naira notes.
He asks Nigerians to proceed to banks to deposit the Naira notes in their possession.
He assures that deposit fees will be waived for transactions below N150,000.
The CBN Governor said the measures were undertaken to cur counterfeiting of the Naira, hoarding of the Naira notes.
According to Emefiele, N2.73 trillion out of N3.23 trillion in circulation were outside of the vaults of banks in the country.