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Friday, June 9, 2023

What Should I do as CBN Releases Re-designed Naira Notes?

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On 26th October 2022 CBN announced the introduction of new Naira notes which will come into circulation on December 15th, 2022, whilst existing Naira notes will remain legal tender until January 2023.

Here are a number of points to guide Large firms, SMEs and individuals through this transition.

Preparing yourself for this transition

  1. Start depositing your existing excess naira notes into your bank branches closest to you.
  2. Don’t panic, Banks are adjusting their branch opening hours for the expected rush for customer’s convenience, as directed by the CBN. Some banks like United Bank for Africa (UBA) will open Saturday (Cash deposit only) from 10am to 2pm.
  3. Most Banks have announced that zero charges will apply for all cash deposits related to the new CBN policy.
  4. Have your debit card handy for payments on POS terminals
  5. If you are a bank customer and do not have a digital channel, please download your banks Mobile App from your App Store, or access one of their other channels for your cashless transactions.

Remember, present notes can still be used for the purchase of goods and services until cut-off date in January, 31, 2023.

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