Naira Redesign: CBN Orders Commercial Banks To Begin Weekend Operations

0
Naira Redesign: CBN Orders Commercial Banks To Begin Weekend Operations
Naira Redesign: CBN Orders Commercial Banks To Begin Weekend Operations

The Central Bank of Nigeria (CBN) has ordered commercial banks across the country to open for work on Saturdays from now till January 31, 2023, to enable customers return existing naira notes.

Recall that CBN had announced plans to redesign some Nigeria’s Naira notes including N200, N500 and N1000.

Against public condemnation, the CBN Governor, Godwin Emefiele, while announcing the plan, had said the new redesigned notes would be released by December 15, 2022, while Nigerians would stop using the old banknotes from January 31, 2023.

While speaking at the CBN fair in Ilorin, Kwara State capital, the CBN Director of Corporate Communications Department, Osita Nwasinobi, reinstated that the new and existing notes would remain legal tender until January 31, 2023, when the existing notes shall cease to be legal tender.

Nwasinobi, who spoke on the theme, “Promoting financial stability and economic development,” was represented by the bank’s acting director of Corporate Communications, Akpama Uket, according to PUNCH.

The Director said that Deposit Money Banks had 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.

Read Also:  Foreign Exchange And Reserves: On a Knife Edge

“Consequently, you must return all the current N200, N500, and N1,000 banknotes to your bank before the expiration of the deadline.”

The CBN further 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.”