Hey Partner, the new notes are finally here to stay, and we thought to share a few things you need to know about it as a POS Business Owner. Check out the list below:
1. The new note was launched on Wednesday, 23rd November 2022. It includes the three highest denominations of the Nigerian currency: N200, N500, and N1,000.
2. The introduction of new notes was a step by the government to check corruption, and counterfeiting of the notes, monitor the withdrawal process and keeping of bulk cash.
3. The new notes begin circulation on Thursday, 15th of December 2022, and will also be used alongside the old notes until January 31st 2023.
4. The old notes would still be valid until the 31st of January 2023, and the deadline will not be extended. Ensure you deposit all old notes on or before the deadline to avoid the crowd at the banks or denial.
5. Educate and inform your customers so that they are aware and do not bring the old notes to your location after the deadline.
6. Beware of fraudsters who may want to perform transactions, e.g., funds transfer using fake currency.