CBN Sends Important Updates to Banks, Customers on Old Naira Notes, Begins Countdown

CBN Sends Important Updates to Banks, Customers on Old Naira Notes, Begins Countdown

  • The Central Bank of Nigeria has started circulating messages to Nigerians about the old naira notes
  • The bank said Nigerians should not wait until the deadline of January 31, 2023, before depositing old notes
  • It warned banks and financial institutions to stop hoarding new naira notes and load them only on ATMs

The Central Bank of Nigeria (CBN) has been making frantic efforts at reminding Nigerians to dispose of their old naira notes before the January 31, 2022 deadline.

The bank, in text messages sent to Nigerians and bank customers, stated that it is serious about the cessation of the circulation of old naira notes on January 31, 2023.

CBN, naira notes, commercial banks
Central Bank of Nigeria governor, Godwin Emefiele Credit: Pius Utomi
Source: Getty Images

CBN directs Nigerians to its website

The message reads:

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

“Don’t wait till January 31, 2023, to deposit your old N200, N500, and N1,000 banknotes with your bank or agent.”

The bank asked customers to visit its website for fresh updates on the development regarding the old naira notes.

The development comes as CBN has begun a countdown on its website for the cessation of circulation of the old naira notes.

The bank mounted a countdown clock on the site as a reminder to Nigerians about the seriousness of phasing out of old naira notes.

A similar move was made by the banks before the introduction of new naira notes.

CBN insists on January 31 deadline

The apex bank has been adamant in its resolve to phase out old naira notes in Nigeria, saying that the January 31 deadline will not be extended, ostensibly dashing the hopes of many Nigerians who believe that it will extend the time given for people to deposit old naira notes.

Meanwhile, the bank has warned banks to stop hoarding the new naira notes, saying it will sanction erring banks and financial institutions.

According to the CBN, banks should load the new naira notes in ATMs, a directive most banks are yet to comply with.

CBN Begins Implementation of National Domestic Scheme January 16, to Unify Payments in Nigeria

Recall that reported that the much-touted National Domestic Card Scheme by the Central Bank of Nigeria (CBN) is billed to commence on January 16, 2023.

The CBN, in partnership with the Nigeria Inter-Bank Settlement System (NIBBS), said the scheme will unify payments in Nigeria and bring in the unbanked population.

The card is also expected to rival big industry players such as Mastercard and Visa.


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