Naira overhaul: CBN orders banks to open on Saturdays
The Central Bank of Nigeria has asked commercial banks in the country to work on Saturdays until January 31, 2023 to allow customers to return existing naira banknotes.
The CBN had announced plans to redesign the N200, N500 and N1,000 banknotes and issue the new banknotes by December 15, 2022.
Speaking at the CBN fair in Ilorin, capital of Kwara state, on Thursday, CBN's director of corporate communications Osita Nwasinobi said that new and existing banknotes will be legal tender until January 31, 2023, when the existing banknotes cease to be legal tender.
The theme of the CBN show is "Promoting Financial Stability and Economic Development".
Represented by the Acting Director, Corporate Communications, CBN, Akpama Uket, the Director said that depository banks have been instructed to immediately begin returning existing currencies to CBN.
"They have also been instructed to receive existing tickets over the threshold stipulated by the cashless policy at no cost to customers.
"Therefore, you must return all current N200, N500 and N1,000 notes to your bank before the time expires," he said.
Meanwhile, the CBN has warned Nigerians of the consequences of mishandling naira banknotes, 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 the utmost dignity.
"Do not spray, squeeze or counterfeit the naira, as default has consequences."
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The Central Bank of Nigeria has asked commercial banks in the country to work on Saturdays until January 31, 2023 to allow customers to return existing naira banknotes.
The CBN had announced plans to redesign the N200, N500 and N1,000 banknotes and issue the new banknotes by December 15, 2022.
Speaking at the CBN fair in Ilorin, capital of Kwara state, on Thursday, CBN's director of corporate communications Osita Nwasinobi said that new and existing banknotes will be legal tender until January 31, 2023, when the existing banknotes cease to be legal tender.
The theme of the CBN show is "Promoting Financial Stability and Economic Development".
Represented by the Acting Director, Corporate Communications, CBN, Akpama Uket, the Director said that depository banks have been instructed to immediately begin returning existing currencies to CBN.
"They have also been instructed to receive existing tickets over the threshold stipulated by the cashless policy at no cost to customers.
"Therefore, you must return all current N200, N500 and N1,000 notes to your bank before the time expires," he said.
Meanwhile, the CBN has warned Nigerians of the consequences of mishandling naira banknotes, 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 the utmost dignity.
"Do not spray, squeeze or counterfeit the naira, as default has consequences."
Please share this story:
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