The Central Bank of Nigeria (CBN) has directed all commercial banks in the country to work on Saturdays until January 31, 2023, as part of efforts to ensure Nigerians return old naira notes.
The apex bank issued the instruction on Thursday at the CBN fair in Ilorin, the Kwara State capital.
Recall that the CBN announced plans to redesign the N200, N500, and N1,000 banknotes about three weeks ago, stating that the new naira notes will be rolled out by December 15, 2022.
At the CBN fair themed, “Promoting financial stability and economic development,” the CBN Director, Corporate Communications Department, Osita Nwasinobi said the new and old notes shall remain legal tender until January 31, 2023, when the old notes will cease to be legal tender.
According to him, banks have also been directed to immediately start returning the existing currencies to the CBN.
Nwasinobi, who was represented by the CBN Acting Director of Corporate Communications, Akpama Uket, noted that “They have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charges to customers.
“Consequently, you must return all the current N200, N500, and N1,000 banknotes to your bank before the expiration of the deadline.”
The Central Bank of Nigeria has warned Nigerians not to mishandle naira notes, stating that there will be consequences for doing so.
The CBN director of corporate communications added that “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.”
