Naira redesign: CBN instructs banks to open on Saturdays

The Central Bank of Nigeria has directed that commercial banks in the country remain open on Saturdays until January 31, 2023, in order to allow customers to return existing naira notes.

The Central Bank of Nigeria (CBN) had announced intentions to revamp the N200, N500, and N1,000 banknotes by December 15, 2022.

Speaking at the CBN fair in Ilorin, Kwara State’s capital, on Thursday, Osita Nwasinobi, CBN Director, Corporate Communications Department, stated that the new and existing notes will remain legal tender until January 31, 2023, when the existing notes will cease to be legal tender.

Read also: Senate session becomes heated over naira redesign

The theme of the CBN fair was “Promoting financial stability and economic development.”

Akpama Uket, acting director, Corporate Communications, CBN, stated that Deposit Money Banks have been directed to immediately begin returning 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.

Read also: Naira redesign may crash dollar to N200 – EFCC Chairman

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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