When is the deadline for old naira note in nigeria?

Question: When is the deadline for old naira note in nigeria?

If you have some old naira notes in your possession, you might be wondering when is the deadline for swapping them with the new ones. The Central Bank of Nigeria (CBN) has recently announced a 10-day extension of the deadline for the use of old naira notes across Nigeria  . The new deadline is now February 10, 2023 instead of the former January 31, 2023 deadline  .

This means that you have more time to exchange your old 1,000, 500 and 200 naira notes for the new designs at any bank branch or CBN office. After the February 10 deadline, you will still have a 7-day grace period to deposit your old notes directly with the CBN until February 17, 2023 . However, after that date, the old notes will lose their legal tender status and you will not be able to spend them anymore.

The CBN says that recalling the old notes is part of its plans to reduce the use of cash and improve currency management in Nigeria. The CBN also says that it is facing challenges with the management of the current series of banknotes, especially those that are outside the banking system. Some of these challenges include hoarding, counterfeiting and mutilation of banknotes.

The CBN urges Nigerians to cooperate with its staff and other officials who are involved in the swap exercise. The CBN also warns against any illegal activities such as selling or buying old notes at a premium or using them for fraudulent purposes.

If you want to know more about the new naira notes and their features, you can visit the CBN website or follow its social media platforms for updates.

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