Naira redesign: Microfinance banks end deposit collection today ahead deadline

Some Microfinance banks have said they will stop accepting old notes by the end of business today, Friday.

The Central Bank of Nigeria (CBN) had set January 31, 2023 as the deadline for phasing out the old notes in circulation.

A visit to some of the banks in Lagos showed that some of the banks were warming up to end cash deposits of old notes before the January 31 deadline.

One of the micro banks, BC Kash Microfinance Bank, at Fadeyi in Lagos, placed a notice at the entrance and inside the banking hall, informing customers to deposit their old N1,000, N500 and N200 before the close of business on Friday.

Also, a message sent through WhatsApp, reads: “as at this morning (Wednesday), banks addressed staff concerning the old and new naira notes.

“It was confirmed that banks will not accept the old naira note starting from January 30.

You have between today Wednesday and Friday January 27, 2023 to carry all your old notes to the bank.

The manager said that they will shut down their system to adjust to the new note.

“Please, don’t go to church with old Naira notes this coming Sunday. It will not be acceptable the next day in the bank. Please share this message with members that are not on this platform.”

Small business operators and supermarkets, among others, have started to reject the old naira notes.

Street traders along Lumak in Satellite Town, Lagos, have since Wednesday stopped accepting the old notes for buying and selling.

At Iyanaipaja, Mama Gift, who operates a food joint, popularly called ‘Mamaput’, said she will stop accepting old notes today Friday.

“I have told some of my customers to pay me via transfer or with a lower denomination of the naira like N100,” she said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.