Nigeria is currently undergoing a critical financial reform. The President and the Governor of Central Bank of Nigeria (CBN) had concluded plans and implemented currency change and swap programs.
The new currency change Policy had taken everyone by surprise but with much more polical implications.
The past 8 years in Nigeria, the currency in the economy had risen from N1.4 trillion to N3.23 trillion. The proportion of currency outside the banks grew from 78% in 2015 to 85% in 2022. As at October 2022, only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; this development poses a great threat to the economic growth.
The CBN has therefore commenced the processes of absorbing the old currency notes of N200, N500 and N1000 with clear directives to concerned individuals.
The following are the required steps to deposit the old Naira Note:
- Create profile on https://crs.cbn.gov.ng/.
- Generate Reference and Print Out receipts
- Visit the selected bank branch with printed receipt to deposit your old N1000, N500 and N200 notes
into your bank account.
Deposit above N500,000 will only be made at any of the CBN branches in the country.
While the N500 and N1000 notes have been declared a Non Legal Tender, the old N200 banknotes is expected to circulate as legal tender till April 10, 2023.