The Central Bank of Nigeria (CBN) has instructed commercial banks in the country to work on Saturdays till Jan. 31, 2023 to enable bank customers return old naira notes for new ones.
Mr Osita Nwasinobi, Director, Corporate Communications Department of the apex bank, stated this at the CBN fair in Ilorin, on Thursday.
The fair has the theme: “Promoting Financial Stability and Economic Development.”
He said that the new and existing currencies shall remain legal tender and circulated together until Jan. 31, 2023, when the existing current money shall cease to be legal tender in Nigeria.
Nwasinobi, who was represented by Mr Akpama Uket, the Acting Director, Corporate Communications, CBN, said that Deposit Money Banks (DMBs) 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.
“Consequently, you must return all the current N200, N500, and N1,000 banknotes to your bank before the expiration of the deadline,” he said.
The CBN boss said that the redesigning of the Naira notes was for macroeconomic stability.
He said the aim was to build a strong, stable, and resilient economy that is self-sustaining and ability to weather unanticipated shocks.
“The bank will achieve this by applying appropriate monetary policy tools, reining inflation, and continuously encouraging a productive economy through interventions.”
The CBN announced plans to redesign, produce, release and circulate new series of three banknotes, out of the existing eight banknotes.
These are the N200, N500, and N1,000 denominations, which will take effect from Dec. 15, after its launch by President Muhammadu Buhari.
CBN also warned Nigerians of the consequences of mishandling the Naira notes.
“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,” Nwasinobi said.
