Redesigned Nigerian Naira Notes: What You Should Know

On 26th October 2022, the Central Bank of Nigeria (CBN) announced plans to introduce new Naira notes to replace the current ₦200, ₦500, and ₦1,000 notes with effect from December 15, 2022.

The existing Naira notes will cease to be legal tender on January 31, 2023.

Highlights are as follows:

= The currency notes to be redesigned are the ₦200, ₦500, and ₦1000 notes. All other denominations of the Naira are not affected.

= The newly redesigned notes will be available from the 15th of December 2022.

= The old ₦200, ₦500 and ₦1,000 Notes will cease to be legal tender on January 31, 2023.

= Customers must deposit the old currencies into their bank accounts.

= Bank charges for cash deposit has been suspended.

= Cash must be deposited into bank accounts as physical cash, swap will be prohibited.