Naira Redesign: CBN Direct Banks To Open on Saturdays
Category:
Nigeria News
The Central Bank of Nigeria has instructed commercial banks in
the country to work on Saturdays till January 31, 2023, to enable customers
return existing naira notes.
The CBN had announced plans to
redesign the N200, N500, and N1,000 banknotes, and release the new notes by
December 15, 2022.
Speaking at the CBN fair in Ilorin, Kwara State
capital, on Thursday, the CBN Director, Corporate Communications Department,
Osita Nwasinobi, said that the new and existing notes shall remain legal
tender until January 31, 2023, when the existing notes shall cease to be legal
tender.
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The CBN fair has as its theme, “Promoting financial stability and
economic development.”
Represented by acting director, Corporate
Communications, CBN, Akpama Uket, the director said that Deposit Money Banks
have been directed to immediately start returning the existing currencies to
the CBN.
“They have also been instructed to receive the existing
banknotes beyond the threshold stipulated by the Cashless Policy without
charges to customers.
READ: Naira Redesign: CBN Didn’t Have To Inform You – Moghalu To Finance Minister
“Consequently, you must return all the current N200, N500, and N1,000
banknotes to your bank before the expiration of the deadline,” he said.
Meanwhile,
the CBN warned Nigerians of the consequences of mishandling naira notes,
saying, “Let me also reiterate the need to handle the naira with care. The
naira remains a symbol of our national pride. Treat it with utmost dignity.
“Do not spray, squeeze or counterfeit the naira, as default goes
with consequences.”
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