Naira Redesign: CBN Orders Banks To Open On Saturdays

The Central Bank of Nigeria on Thursday directed commercial banks in the country to work on Saturdays till January 31, 2023.

This directive, the apex bank said, is to enable customers return existing naira notes.

Recently, the CBN had revealed plans to redesign the N200, N500, and N1,000 banknotes, while new notes are released on December 15, 2022.

The new directive was revealed by the CBN Director, Corporate Communications Department, Osita Nwasinobi, at the CBN fair in Ilorin, Kwara State capital.

He said he new and existing notes shall remain legal tender until January 31, 2023, when the existing notes shall cease to be legal tender.

The CBN fair has as its theme, “Promoting financial stability and economic development.”

Represented by acting director, Corporate Communications, CBN, Akpama Uket, the director said that Deposit Money Banks 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.

Meanwhile, the CBN warned Nigerians of the consequences of mishandling naira notes, saying, “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.”