The Central Bank of Nigeria (CBN) is giving Nigerian citizens until February 10, 2023 as a deadline to the old 200, 500 and 1,000 naira bills for the new models.
“The new bills are being created to combat counterfeit currency and reduce the amount of money circulating outside the banking system,” according to the CBN.
The transition to digital payments as desired by the Central Bank of Nigeria (CBN) is especially difficult in rural areas.
Lawmakers and the opposition have been involved in getting the CBN to finally agree to extend the deadline for changing old banknotes in the country with the largest population in Africa.
Nigerians have seven more days to deposit the old currency directly with the CBN, which began issuing the new bills last December.
As Africa’s largest economy, Nigeria is heavily dependent on cash.