CBN Orders Commercial Bank To Start Receiving Old N200, N500 & N1000 Notes

Following a protest that rocked some parts of the country today  and a meeting held by the Bankers’ committee  the CBN has ordered all commercial Banks to start receiving the old 200,500 and the 1000 notes.

These are the Extracts   from the Bankers’ Committee meeting held today on the Naira Redesign  Policy. 

1. The old N200 will still be legal tender till April 10th 2023.

2. The old N200, the new N500 and the new N1000 will continue to be in circulation till 10th of April 2023.

3. The old N500 and the N1000 can be deposited into commercial banks just once within the 60-day extension. 

4. A new App will be developed by CBN to enable customers make the one off deposit within the extended 60 days.

5. A customer cannot make more than N500,000 deposit within this period and it cannot be split. 

6. Customers making above N500,000 deposit will have to visit the CBN.

7. You cannot receive value for the money deposited immediately because the money will go to a CBN GL (ledger).

8. You can only receive value upon remittance and confirmation from CBN.