The Central Bank of Nigeria (CBN) has directed that commercial banks in the country remain open on Saturdays until January 31, 2023, to allow bank customers to exchange old naira notes for new ones.
This was disclosed by Osita Nwasinobi, the Director, Corporate Communications Department of the Central Bank.
He explained that the new and existing currencies would be legal tender and circulated alongside each other until January 31, 2023, when the existing money would cease to be legal tender in Nigeria.
What the CBN is saying
Nwasinobi, who was represented by Mr Akpama Uket, the Acting Director, Corporate Communications, CBN, said that Deposit Money Banks (DMBs) 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 said.
The CBN governor stated that the redesigning of the Naira notes was done to ensure macroeconomic stability.
He stated that the goal was to create a strong, stable, and resilient economy that is self-sustaining and capable of weathering unexpected shocks.
“The bank will achieve this by applying appropriate monetary policy tools, reining inflation and continuously encouraging a productive economy through interventions.”
“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,” Nwasinobi warned.