The Central Bank of Nigeria (CBN) has directed commercial banks in the country to work on Saturdays till January 31, 2023, to enable their customers return the N200, N500 and N1,000 banknotes that are to be redesigned.
This is to enable them beat the deadline of January 31, 2023, for bank customers to change the old banknotes.
Speaking at the CBN fair in Ilorin, Kwara State, yesterday, with the theme, “Promoting Financial Stability and Economic Development,” the Director, Corporate Communications Department at the apex bank, Mr. Osita Nwasinobi, said the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing current shall cease to be legal tender in Nigeria.
The fair was well attended by artisans, traders, civil servants, Corps members, farmers among others.
Represented by Acting Director, Corporate Communications, CBN, Akpama Uket, the director said
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 added.
The CBN boss said the focus of the bank in redesigning the banknotes was to ensure macroeconomic stability.
He added that, “the current efforts entails building a strong, stable, and resilient economy that is self-sustaining and able to weather unanticipated shocks.
“This the bank will do by applying appropriate monetary policy tools, striving to rein in inflation, and continuously encouraging a productive economy through its interventions.”
Meanwhile, the CBN warned Nigerians of consequences of mishandling of naira notes, saying that, “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.”