As the Central Bank of Nigeria’s deadline for the old and new currency notes on January 31, 2023 approaches, the apex bank has encouraged Nigerians to use alternative payment methods.
According to Alada, cash is not the only form of payment. He mentioned other channels such as electronic banking, e-naira, and phone-to-phone money transfers, among others. “E-naira is another type of payment channel, and the CBN is expanding the number of merchants who accept e-naira.”
“Following the CBN’s directives that only newly redesigned new notes be loaded into ATMs, all the banks visited today whose ATMs were dispensing actually dispensed new notes,” Alada added.
A maximum of N10,000 will be exchanged for old money, there will be no charges, the agents will not have charges for cash in but for cash out, the existing charges will still be there.”