CBN Issues 46 Days Ultimatum To Nigerians To Exchange All Naira Note

CBN Issues 46 Days Ultimatum To Nigerians To Exchange All Naira Note

  • Business
  • October 28, 2022
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Existing currencies cease to be legal tender January 2023,deadline shocks politicians. CBN gives 46 days ultimatum to exchange all notes, mop up N2.73 trillion from circulation, cites hoarding, black money, counterfeiting, says 85% currencies outside the banks

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 penalized by CBN and EFCC

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