The present N200, N500, and N1000 notes will be replaced by new currency notes by the CBN.
On December 15, 2022, the new banknotes will become legal tender.
By January 31, 2023, the old Naira notes will no longer be accepted as legal tender.
Banks have been advised to continue operating all of their deposit centres from Monday through Saturday for collections.
There are no limits on the amount that people or businesses can deposit, and no bank customer will be charged for cash that is returned to or deposited into their accounts during the implementation.
In January 2023, a new cashless policy will be announced.
What you should do
To deposit all old banknotes, go to the branch of your nearest bank (N200, N500 and N1000)
If you don’t already have one, open one at the bank branch of your choice that is closest to you and deposit all of your used currency (N200, N500 and N1000).
Utilize your bank app or USSD to carry out standard banking transactions.
Citation: CBN, CIBN