CBN instruct banks nationwide to work on Saturdays

CBN instruct banks nationwide to work on Saturdays

By Fatima Mohammed-Lawal

AREWA AGENDA –  The Central Bank of Nigeria (CBN) has instructed commercial banks in the country to work on Saturdays till January 31, 2023 to enable bank customers return old naira notes for new ones.

Mr. Osita Nwasinobi, Director, Corporate Communications Department of the apex bank, stated this at the CBN fair in Ilorin, on Thursday.

The theme of the Fair is entitled: “Promoting Financial Stability and Economic Development”.

He said that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing current shall cease to be legal tender in Nigeria.

Nwasinobi who was represented by Mr Akpama Uket, the Acting Director, Corporate Communications, 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.

“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 boss, who said that focus of the Bank in redesigning naira notes is macroeconomic stability, adding that the efforts entails building a strong, stable, and resilient economy that is self-sustaining and able to weather unanticipated 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”.

The News Agency of Nigeria (NAN) recalled that the CBN has announced plan to redesign produce, release, and circulate new series of three banknotes, out of existing eight banknotes.

These banknotes comprises of N200, N500, and N1,000 denominations respectively, effective on December 15, 2022, after its launch by President Muhammadu Buhari.

NAN reports that the CBN also warned Nigerians of consequences of mishandling of naira notes, saying 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,” he said. (NAN)