Naira Redesign: CBN Issues Fresh Directive To Commercial Banks

The Central Bank of Nigeria has directed commercial banks in the country to extend their working days to Saturdays till January 31, 2023, to enable customers return existing naira notes.

The Apex bank through its Director of Corporate Communications, Osita Nwasinobi stated this at the bank’s fair in Ilorin, Kwara State capital, on Thursday, said that the 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.

The CBN had announced plans to redesign the N200, N500, and N1,000 banknotes, and release the new notes by December 15, 2022.