The Central Bank of Nigeria (CBN) has instructed commercial banks to work on Saturdays to enable customers to return existing naira notes.
This was stated during the CBN fair in Ilorin on Thursday by Osita Nwanisobi, Director of the apex bank’s corporate communications department.
Promoting Financial Stability and Economic Development was the focus of the event.
Out of the current eight banknotes, the CBN has previously declared plans to create, print, release, and circulate a new series of three banknotes.
The new notes come in denominations of N200, N500, and N1000.
The decision has continued to generate public outbursts, as experts insist it would negatively affect the economy.
At the event, Nwanisobi explained that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when “existing money shall cease to be legal tender in Nigeria.”
Nwanisobi was represented at the event by Akpama Uket, Acting Director, Corporate Communications, at CBN.
He said deposit money banks (DMBs) had been directed to start returning the existing currencies to the CBN immediately.
“They have also been instructed to receive the existing banknotes beyond the threshold stipulated by the cashless policy without charges to customers,” Nwanisobi said.
“Consequently, you must return all the current N200, N500, and N1,000 banknotes to your bank before the expiration of the deadline.”
The CBN boss said that redesigning naira notes is for macroeconomic stability.
He said the aim was to build a strong, stable, and resilient economy that is self-sustaining and has the ability to weather unanticipated shocks.
“The bank will achieve this by applying appropriate monetary policy tools, reining inflation, and continuously encouraging a productive economy through interventions,” he said.
Nwanisobi also warned Nigerians of the consequences of mishandling naira notes.
“The naira remains a symbol of our national pride. Treat it with utmost dignity,” he warned.
“Do not spray, squeeze, or counterfeit the naira, as default comes with consequences.”
