CBN: No extension of January 31 deadline for exchange of new naira notes

The Central Bank of Nigeria (CBN) says the deadline for the exchange of the old naira notes for new denominations remains January 31, 2023.

This is coming amidst the CBN’s new cash withdrawal policy which restricts amounts individuals and organisations can take over the counter or via the Automated Teller Machine (ATM).

The maximum weekly limit for cash withdrawals by individuals and corporate organisations is N500,000 and N5 million, respectively.

“The current series of N200, N500 and N1,000 notes remain legal tender until the deadline of January 31, 2023,” the apex bank stated on its Twitter account on Friday.

The Star recalls that the CBN, on October 26, 2022, announced plans to redesign three naira notes out of the existing eight banknotes.

These are the N200, N500, and N1,000 denominations which took effect on Thursday, December 15 after its launch by President Muhammadu Buhari.

The apex bank said the new and existing currencies shall remain legal tender and circulated together until January 31 when the existing money will cease to be legal tender in the country.

The CBN recently ordered commercial banks in the country to stop paying customers the newly redesigned naira notes over the counter.

It, however, directed the banks to load their ATMs with only new naira notes.

The Star