In order to allow bank customers to exchange their old naira notes for new ones, the Central Bank of Nigeria has ordered all commercial banks in the nation to open on Saturdays through January 31, 2023.
On December 15, 2022, the CBN had previously announced that it would redesign, print, issue, and circulate a new series of banknotes.
The Director of the Apex Bank’s Corporate Communications Department, Mr. Osita Nwasinobi, stated that the new and existing currencies would continue to be legal tender and circulate alongside one another until January 31, 2023, when the existing current will no longer be accepted as payment in Nigeria.
The CBN Fair features a theme, “Promoting financial stability and economic development.”
Acting Director of Corporate Communications for the CBN, Akpama Uket, represented the director, who stated that Deposit Money Banks had been instructed to begin returning the current currencies to the CBN right away.
“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 head of the CBN stated that the goal of redesigning naira notes was to achieve macroeconomic stability. He added that this required developing a strong, stable, and resilient economy that would be self-sustaining and able to withstand unforeseen shocks.
“This, the bank will do by applying appropriate monetary policy tools, striving to rein in inflation, and continuously encouraging a productive economy through its interventions,” he said.
He also cautioned Nigerians about the ramifications of handling naira notes improperly, noting that, “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.”
