Nwasinobi, who was represented by Akpama Uket, the Acting Director of Corporate Communications at CBN, said that Deposit Money Banks (DMBs) have been directed to immediately start returning the existing currencies to the CBN.
By Jeffery Agbo
The Central Bank of Nigeria (CBN) has instructed commercial banks all over the country to work on Saturdays until January 31, 2023, to enable bank customers return old naira notes for new ones.
CBN spokesman Osita Nwasinobi made this known at the CBN fair in Ilorin, Kwara State capital on Thursday.
The fair was themed: “Promoting Financial Stability and Economic Development”.
He explained that the new and existing currencies shall remain legal tender and circulated together until Jan. 31, 2023, when the existing money would cease to be legal tender in Nigeria.
Nwasinobi, who was represented by Akpama Uket, the Acting Director of Corporate Communications at 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.
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“Consequently, you must return all the current N200, N500 and N1,000 banknotes to your bank before the expiration of the deadline,” the CBN spokesman said.
Nwasinobi noted that the redesigning of the naira notes was for macroeconomic stability.
He said the aim was to build a strong, stable and resilient economy that is self-sustaining and able to weather unanticipated shocks.
The CBN had also warned Nigerians of the consequences of mishandling the naira notes.
“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.
