Reason why the money in your saving box will be worthless by January 2023

Reason why the money in your saving box will be worthless by January 2023
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You are here, simply because you are wondering why the money in your saving box will be worthless very soon right ? Well, at least not totally useless if you take the right steps.Reason why the money in your saving box will be worthless by January 2023

The Central Bank of Nigeria, CBN recently announced its decision to redesign some new Naira notes.

The exercise will affect the 200, 500, and 1,000 naira notes, according to CBN Governor Godwin Emefiele, who made the announcement during a news conference on Wednesday in Abuja.

The CBN governor encouraged Nigerians to take their old notes to banks in exchange for the new notes, knowing full well that many people do have savings boxes at home where they deposit these naira notes ranging from 200, 500 to 1,000 naira notes.Reason why the money in your saving box will be worthless by January 2023

The action, according to Mr. Emefiele, is intended to control the amount of currency in circulation.

The new designs will be in circulation starting on December 15, 2022, while the current series of naira bills is anticipated to be phased out by January 31, 2023.

He continued by saying that recent developments in photographic and printing technologies have made counterfeiting considerably simpler.

Therefore, to avoid any story that touch and a tale of have I known, before the end of January 2023, quickly empty your saving box and head to any nearby bank to exchange your old notes for new ones. Otherwise, the money in your saving box will no longer be useful to you.Reason why the money in your saving box will be worthless by January 2023

Meanwhile, Emefiele has also noted that charges for cash deposits are suspended immediately to help with the gradual replacement of the present naira notes.

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