1. CBN will change the current N200, N500 and N1,000 currency denominations to a new currency.
2. Everyone should start paying the old currency notes into the bank effective immediately.
3. The new currency notes will go into circulation on December 15th, 2022.
4. Collection of the old notes will stop on January 31st, 2023.
5. The old notes would stop being a legal tender by January 31st, 2023.
6. Banks are advised to keep all their deposit centres open from Monday to Saturday going forward for collections.
7. Banks must only accept cash from customers with full KYC and bank accounts.
8. Cash must only be paid into customers accounts. Cash must not be paid into ledgers or suspense accounts
9. CBN and EFCC will be tracking all deposits
10. Old currency will become useless on the 31st of January 2023.
11. It’s an opportunity to leverage on our branch network to drive funding of accounts.
12. It will drive digital adoption and opening of new accounts.
13. CBN will no longer print large quantities of Cash. New cashless policy to be announced in January.
14. Banks that receive cash from non-account holders or customers will be penalised by CBN and EFCC
