The Central Bank of Nigeria (CBN) on Thursday, instructed all commercial banks in the Country to work on Saturdays till January 31, 2023, to enable customers return existing Naira notes.
This was disclosed by the CBN Director, Corporate Communication Department, Osita Nwasinobi, during a CBN fair held in Ilorin, Kwara State, on Thurday.
Recall that CEOAFRICA had reported that the CBN had announced plans to redesign the N200, N500 and N1,000 banknotes and release the new notes by December 15, 2022.
Nwasinobi said the new and existing notes shall remain legal tender until January 31, 2023, when the existing notes shall cease to be legal tender.
The CBN fair was tagged, “Promoting financial stability and economic development.”
Nwasinobi who was represented by the CBN Acting Director, Corporate Communications, Akpama Uket, said Deposit Money Banks have been directed to immediately start returning the existing currencies to the CBN.
He said; “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 CBN also 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.”