The CBN (Central Bank of Nigeria) had on Wednesday, October 26, disclosed its plan to redesign, produce, release and circulate N200, N500, and N1000 notes. The decision is a bold step towards bringing back large volumes of money circulating outside the banking system.
The apex bank in Nigeria will be introducing the redesigned notes into the financial system on December 15, 2022, and has given January 31, 2023, as the expiry date for the legal tender of the old notes.
Based on CBN’s directive, all Advans Nigeria branch networks are open from Monday to Saturday to accommodate all cash that will be returned by our customers.
What the decision means to Nigerians
Considering the time frame, it will trigger a rush by individuals to banks to deposit the old notes, as well as withdraw after the new notes come into circulation. There will be growing long queues in banking halls as the expiring date approaches.
Why not beat the rush; by visiting an Advans La Fayette Microfinance Bank close to you now to deposit your cash and save yourself from unnecessary inconveniences later on?
It is assumed that rural dwellers who live far from where banking services are available would experience difficulty depositing the old notes, as well as, initially, obtaining the new ones when it’s in circulation. For people in this category, Advans Nigeria mobile tellers can bridge the gap. Whether you are busy with business and it's difficult to visit the bank or the bank is far away from your location, our mobile tellers will assist you in collecting the cash and deposits into your bank account instantly.
Kindly note that the new and old currencies will be in circulation concurrently until January 31, 2023, when the old currency shall no longer be legal tender. The new banknotes when in circulation can be accessed in any Advans Nigeria branch networks.