The Central Bank of Nigeria (CBN) will introduce new 200, 500 and 1000 notes into circulation on December 15th, 2022, phasing out the existing bills as legal tender on January 31st, 2023.
Questions and answers.
Can I exchange my new Naira notes for the old ones ?
No. There is no currency exchange program available and you can only get the new naira notes when you withdraw cash from your bank account(s). All old 200, 500 and 1,000 Naira notes must be deposited into an existing or new Zenith Bank account.
What do I do with the old 200, 500 and 1,000 Naira notes in my possession?
You must deposit all old 200, 500 and 1,000 Naira notes in your possession into your bank account on or before January 31st, 2023. They will have no monetary value after this date.
Must I deposit the old Naira notes at the Zenith Bank branch where my account is domiciled?
No. You can deposit all old 200, 500 and 1,000 Naira notes into your account at any Zenith Bank branch nationwide, on or before January 31st, 2023.
Must I deposit the old Naira notes at the Zenith Bank branch where my account is domiciled?
No. You can deposit all old 200, 500 and 1,000 Naira notes into your account at any of your bank branches nationwide, on or before January 31st, 2023.
Will I have to pay any excess cash deposit charges?
No. The Central Bank of Nigeria (CBN) has implemented a waiver of the excess cash deposit charge nationwide, for all old 200, 500 and 1,000 Naira note deposits on or before January 31st, 2023.
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