The Central Bank of Nigeria (CBN) has instructed commercial banks in the country to work on Saturdays till January 31, 2023 to enable bank customers return old naira notes for new ones.
The CBN had announced plan to redesign
produce, release, and circulate new series of three banknotes, out of
existing eight banknotes, comprising N200, N500, and N1,000 denominations respectively, effective on December 15, 2022, after its launch by President Muhammadu Buhari.
Speaking at the CBN fair in Ilorin, Kwara state capital themed, promoting financial stability and economic development, Director, Corporate Communications Department of the apex bank, Mr. Osita Nwasinobi, said that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing current shall cease to be legal tender in Nigeria.
Represented by Acting Director, Corporate Communications, CBN, Akpama Uket, the Director said that Deposit Money Banks (DMBs) have been directed to immediately start returning the existing currencies to the CBN.
He said the banks have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charges to customers.
Mr Nwasinobi advised Nigerians to return all the current N200, N500, and N1,000
banknotes to their respective banks before the expiration of the deadline.
The CBN boss, explained that the focus of the Bank in redesigning naira notes is macroeconomic stability, adding that the efforts entails building a strong, stable, and resilient economy that is self sustaining and able to absorb unanticipated shocks.
COV/ALI MUHAMMAD RABIU