Still on Naira redesign as CBN orders banks to open Saturdays
Still on Naira redesign as CBN orders banks to open Saturdays
The Central Bank of Nigeria’s directive to commercial banks from henceforth till the 31st January, 2023 is to open on Saturdays, to enable customers return existing naira notes.
In order to facilitate the release of the new notes which The CBN recently announced. The plan is to redesign the N200, N500, and N1,000 banknotes, and release them by December 15, 2022.
On, thursday speaking at the CBN fair in Ilorin, Kwara State capital, 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 tho 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.”
(Punch)
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