November 17, (THEWILL) – As part of efforts to ensure Nigerians return the old naira notes, the Central Bank of Nigeria (CBN), has directed all commercial banks in the country to work on Saturdays, till January 31, 2023.
The apex bank gave the instruction at the CBN fair in Ilorin, Kwara State capital, on Thursday.
The CBN, on October 26, announced plans to redesign the N200, N500 and N1000 banknotes and release the new notes by December 15, 2022.
CBN Governor, Godwin Emefiele, who announced the plan, directed Nigerians to deposit the affected old notes with their commercial banks, instructing that all charges in deposits be suspended.
Speaking at the bank’s fair in Ilorin on Thursday, the Apex bank Director of Corporate Communications, 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.
Represented by the 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 N1000 banknotes to your bank before the expiration of the deadline”, he said.
Nwasinobi also warned Nigerians not to mishandle naira notes, adding that there are consequences for such actions.
“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”, he added.
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