Highlights of the announcement made by CBN today.

1. CBN will change the current N200, N500 and N1,000 currency denominations to a new currency.

2. Everyone should start paying the old currency notes into the bank effective immediately.

3. The new currency notes will go into circulation on December 15th, 2022.

4. Collection of the old notes will stop on January 31st, 2023.

5. The old notes would stop being a legal tender by January 31st, 2023.

6. Banks are advised to keep all their deposit centres open from Monday to Saturday going forward for collections.