The Central Bank of Nigeria (CBN) has announced the redesign and reissuing of N200, N500 and N1000 naira notes.
The apex bank governor, Godwin Emefiele during a press conference said the development will take effect from December 15, 2022.
Banks are hereby obliged to: “only accept cash from customers with full KYC and bank accounts.
“Cash must only be paid into customers accounts. Cash must not be paid into ledgers or suspense accounts.
“CBN and EFCC will be tracking all deposits. Old currency will become useless on the 31st of January 2023.”
According to the CBN, “It’s an opportunity to leverage on our branch network to drive funding of accounts. It will drive digital adoption and opening of new accounts.
“CBN will no longer print large quantities of cash. New cashless policy to be announced in January. Banks that receive cash from non-account holders or customers will be penalised by CBN and the Economic and Financial Crimes Commission (EFCC).”
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