The Central Bank of Nigeria has ordered the country’s commercial banks to operate on Saturdays until January 31, 2023 so that customers can return their existing naira notes.
The CBN announced the redesign of the N200, N500 and N1,000 notes and the release of the new notes by December 15, 2022.
At the CBN fair in Ilorin, the Kwara State capital, on Thursday, the CBN Director, Corporate Communications Department, Osita Nwasinobi, said the new and existing notes will last until January 31, 2023; have legal value.
The theme of the CBN fair is “promoting financial stability and economic development”.
Represented by the Director of Corporate Communications, CBN, Akpama Uket, the director said
Depositary Money Banks have been instructed to start repatriating their existing currencies to the CBN immediately.
“Furthermore, customers have been instructed to receive existing notes beyond the limit set by the Cashless Policy without being charged.
“Consequently, you must return all the current N200, N500 and N1,000
notes to your bank before the deadline,” he said.
Meanwhile, the CBN warned Nigerians of the consequences of mishandling naira notes, saying: “I also reiterate the need to handle the naira carefully. The naira remains a symbol of our national pride. Treat it with dignity.
“Do not spray, squeeze or counterfeit naira as it comes with default consequences.”