Desperation as Banks Adjust Working Days 3 days to Deadline for Depositing Old 200, 500, 1000 Naira Notes

Desperation as Banks Adjust Working Days 3 days to Deadline for Depositing Old 200, 500, 1000 Naira Notes

  • Nigerians in their numbers are rushing to the banks to deposit their old naira notes
  • The deadline date which is Tuesday, January 31, 2023, is just three days away from
  • After the expiration of the deadline, the old 200, 500, and 1000 naira notes will stop being legal tender

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Nigerian banks have announced changes to operating hours ahead of the January 31 deadline for phasing out old naira notes.

FirstBank of Nigeria Limited, for instance, has declared that its branches would be open for cash deposits on Saturday and Sunday.

The bank made the statement in a message to customers on Friday, January 27, 2023, via its social media platform and customers' emails.

Naira notes
Nigerians are expected to submit the old naira notes before the deadline date Credit: @cbn
Source: Getty Images

Earlier, the CBN had directed that commercial banks operating on Saturday enable clients to return outdated naira notes; however, First Bank has opted to go a step further.

Read also

New notes: CBN to monitor bank’s strong rooms after extending naira deadline by 10 days

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First bank message to customers reads:

“This is to notify the general public that all our branches will be open on Saturday and Sunday just to receive cash.
“All old Naira notes of series 200, 500, and 1000 will cease to be in use from the 31st of January.”

No going back on the deadline date for old naira notes in an earlier report revealed that Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) maintained that the January 31st deadline for phasing out old naira notes remained sacrosanct.

According to him, the CBN has provided enough time for Nigerians to return the old Naira notes.

Desperate Nigerians storm ATM machines

As the CBN deadline draws nearer and many business stop collecting the old notes desperate Nigerians have stormed various ATMs across to withdraw the new naira notes.

Read also

CBN Says N900bn Still Outside the Banking System as it extends deadline for cash swap, return of old notes

According to a Bloomberg report, an ATM belonging to Guaranty Trust Bank Plc was the only one dispensing the new notes on one of the busiest streets in the Victoria Island district of Lagos, where most of Nigeria’s banks have their head offices. Even then only one of six ATMs in the building was dispensing the new bills.

Bloomberg said four other banks within a block of the GTBank branch — First Bank Plc, Providus Bank, Keystone Bank, and UBA Plc — all had ATMs that weren’t dispensing cash.

Naira falls as expert predicts N1000 to one dollar rate

Meanwhile, had earlier reported that Naira recorded its first loss in 2023, as the foreign exchange market resumes full activities.

The Nigerian currency drop in value was recorded across official and black market foreign exchange markets.

Naira experienced significant losses in 2022, and experts have shared their predictions for 2023.


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