Naira Redesign: CBN Issues New Directive to Banks as Deadline for Return of Old Notes Approaches

Naira Redesign: CBN Issues New Directive to Banks as Deadline for Return of Old Notes Approaches

  • Every commercial bank in Nigeria has been directed to ensure they work on Saturdays to facilitate the easy return of old naira notes
  • This directive was given by the Central Bank of Nigeria following the recent plan to redesign N200, N500 and N1,000 notes
  • According to the apex bank, all the existing notes shall cease to be legal tender by January 31, 2023

All banks across the country have been ordered to work on Saturdays from now until January 31, to give every customer the opportunity to return their existing naira notes.

The Punch reports that the Central Bank of Nigeria gave the directive as a sequel to its plan to redesign the N200, N500, and N1,000 banknotes, and release the new notes by December 15, 2022.

Godwin Emefiele, CBN, naira redesign, commercial banks in Nigeria
Banks will now open on Saturdays until January 31, 2023. Photo: Central Bank of Nigeria
Source: Facebook

CBN's director of the corporate communications department, Osita Nwasinobi, while speaking at the apex bank's fair in Ilorin, Kwara State capital, on Thursday, November 17, said that the new and existing notes shall remain legal tender until January 31, 2023.

Nwasinbobi noted that the already existing notes shall cease to be legal tender at the expiration of the date given by the bank.

PAY ATTENTION: Join Telegram channel! Never miss important updates!

At the fair which was themed, “Promoting financial stability and economic development", Nwasinobi represented by the acting director of corporate communications, Akpama Uket, assured that the Deposit Money Banks have been directed to immediately start returning the existing currencies to the CBN.

His words:

“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."

The apex bank also warned citizens of the consequences of mishandling naira notes as usually witnessed at parties and events.

It said:

“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.”

New Naira Notes: CBN Asks Banks to Accept Cash Deposits Above N500,000

The CBN had earlier directed banks to accept cash deposits above the previously set limit.

Nigeria's apex bank also asked commercial banks across the country not to charge customers for cash deposits.

Some of the banks said they had adjusted their operational procedures to comply with the CBN deadline for the introduction of new banknotes.

New naira notes: Hoarders release more unspent bills, video shows 20yr-old N200 notes in circulation

Recall that reported that Nigerians are rushing to beat the deadline of January 31, 2023, set by the Central Bank of Nigeria (CBN) to cease the circulation of old naira notes.

The CBN said it is introducing newly redesigned N200, N500 and N1,000 notes by December.

The announcement by the CBN has put pressure on currency hoarders who are now hauling the notes long kept in their custody into the market.


Online view pixel