When introducing the idea, CBN Governor Godwin Emefiele stated that the new, redesigned notes would be made available by December 15, 2022.
From now until January 31, 2023, commercial banks must open on Saturdays nationwide, under an order from Nigeria’s central bank, the Central Bank of Nigeria (CBN), to allow clients to return old naira notes.
Remember that the CBN had announced intentions to revamp the N200, N500, and N1000 notes in Nigeria.
The CBN Governor, Godwin Emefiele, had stated while unveiling the proposal that the new, redesigned notes would be released by December 15, 2022, and that Nigerians would stop using the existing banknotes as of January 31, 2023, to the disapproval of the general population.
The CBN Director of Corporate Communications Department, Osita Nwasinobi, reaffirmed that the new and existing notes would continue to be legal tender until January 31, 2023, at which point the existing notes would cease to be legal tender, while speaking at the CBN fair in Ilorin, the capital of Kwara State.
According to PUNCH, Nwasinobi was represented by the bank’s acting head of Corporate Communications, Akpama Uket, who spoke on the subject of “Promoting financial stability and economic development.”
The Director declared that Deposit Money Banks had received instructions to begin surrendering the current currencies to the CBN right away.
“They have also been told to receive the current banknotes above the limit outlined by the Cashless Policy without charging clients,” he continued.