The Central Bank of Nigeria has instructed commercial banks
in the country to work on Saturdays till January 31, 2023, to enable customers
return existing naira notes.
The CBN had announced plans to redesign the N200, N500, and
N1,000 banknotes, and release the new notes by December 15, 2022.
Speaking at the CBN fair in Ilorin, Kwara State capital, on
Thursday, the CBN Director, Corporate Communications Department, Osita
Nwasinobi, said that 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 has as its theme, “Promoting financial
stability and economic development.”
Represented by acting director, Corporate Communications,
CBN, Akpama Uket, the director said that
Deposit Money Banks 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.
Meanwhile, the CBN 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.”
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