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As the 31st January deadline for circulation of the country's old currency notes draws near, TDN brings to you eight hidden fact you may not have known about the order by CBN
ADDITIONAL INFORMATION ON NEW NAIRA BANK NOTES
1. Banks must only accept cash from customers with full KYC and bank accounts.
2. Cash must only be paid into customers accounts. Cash must not be paid into ledgers or suspense accounts.
3. CBN and EFCC will be tracking all deposits.
4. Old currency will become useless on the 31st of January 2023.
5. It's an opportunity to leverage on our branch network to drive funding of accounts.
6. It will drive digital adoption and opening of new accounts.
7. CBN will no longer print large quantities of Cash. New cashless policy to be announced in January.
8. Banks that receive cash from non-account holders or customers will be penalised by CBN and EFCC.
9. For the purpose of this transition from existing to new notes, bank charges for cash deposits have been suspended.
Recall that in line with provisions of Sections 2(b), 18(a), and 19(a) and (b) of the CBN Act 2007, the Management of CBN has sought and obtained the approval of the President to redesign, produce, release and circulate new series of banknotes at N200, N500, and N1,000 levels. CBN said it has finalised arrangements for the new currency to begin circulation from December 15, 2022, after its launch by President Muhammadu Buhari.
The new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender.
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