Individuals with cash at hand can begin to deposit their monies into their bank accounts from Thursday, October 27, 2022, at no cost.”
By Ife Osemedua
365Daily – The Central Bank of Nigeria (CBN) has announced that it will begin a mop up of the current Naira notes in the circulation in the country, giving Nigerians about 47 days to exchange them with new notes that it will soon introduce.
It said this is part of efforts to control inflation and money supply in the country.
The CBN noted that with more than N2.73 trillion out on the streets from the N3.23 trillion outside the CBN vaults, it aims to take control of money supply by mopping up all cash from the economy both within the vaults of banks and in the hands of citizens.
CBN Governor, Godwin Emefiele, while making this known on Wednesday, October 26, 2022, said the redesigned N200, N500 and N1000 notes are expected to be in circulation on December 15, 2022, while the current Naira notes will no longer be legal tender from January 31, 2023.
He, however, noted that individuals with cash at hand can begin to deposit their monies into their bank accounts from Thursday, October 27, 2022, at no cost.
They have 100 days to swap old notes for the redesigned notes.