New Naira Notes: Banks Issue Deadlines to Customers to Deposit Old Naira Notes

New Naira Notes: Banks Issue Deadlines to Customers to Deposit Old Naira Notes

  • Fidelity Bank and other Nigerian banks have started adjusting working hours to enable customers to bring in old notes
  • According to the bank via its Instagram page, it would extend working hours to 6 pm so depositors could bring in cash.
  • Also, other banks in the country have towed similar steps following CBN directives

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Amid the bickering between the Minister of Finance, Budget and National Planning, Zainab Ahmed and The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, over the redesigning of naira notes, several banks have given deadlines to their customers to deposit old naira notes.

One of the banks, Fidelity Banks, announced via its Instagram page on Saturday, October 29, 2022, that its customers have until January 31, 2022, to deposit old naira notes or risk being rejected.

Read also

Emefiele Speaks on February 10 Deadline, PoS Charges, Insists Old Naira Notes No Longer Legal Tender

CBN, Fidelity Bank, old notes
Banks issue deadlines to deposit old naira notes Credit: Bloomberg / Contributor
Source: Getty Images

The bank said it would extend working hours to 6 pm in all its branches to allow cash deposits.

Fidelity said:

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"The new banknotes can be accessed in any Fidelity Bank branch nationwide," said the bank. "The new banknotes will remain legal tender and circulate together with the old banknotes until January 31, 2023, when the latter shall cease to be legal tender."

Similarly, other banks in Nigeria have announced changes in their operating hours to enable customers to bring old naira notes in exchange for new ones before the CBN's expiry dates.

CBN Spent N281 billion printing new notes as latest banknotes begin circulating December 15

Recall that Legit.ng reported that the Central Bank of Nigeria (CBN) spent about N281.07 billion to print bank notes between 2016 and 2020 and another N3.88 billion to destroy bad notes.

Read also

Traders, Transporters, Others Defy CBN, Continue to Accept Old Naira Notes

The Leadership newspaper reported that CBN data revealed that N33.37 billion was used to print new notes in 2016 and the amount spent went up to N49.52 billion and N64.04 billion in 2017 and 2016.

Towards the end of 2019, N75.52 billion had been expended on printing new notes as the amount spent went down in 2020 to N58.07 billion. In the same five-year period, the CBN spent N3.88 billion to destroy N4.197 trillion. N1.44 billion was used in 2016 to discard mutilated notes with a value of N829.94 billion.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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