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Naira Redesign: CBN Directs Banks To Open On Saturdays

Naira Redesign: CBN Directs Banks To Open On Saturdays 

To allow clients to return old naira notes, the Central Bank of Nigeria has ordered all commercial banks in the nation to open on Saturdays through January 31, 2023.

By Omotayo Olutekunbi

The CBN has previously stated that the new N200, N500, and N1,000 banknotes will be released on December 15, 2022.

The present notes will cease to be a legal currency on January 31, 2023, according to Osita Nwasinobi, director of the CBN’s corporate communications department, who was speaking at the CBN exhibition on Thursday in Ilorin, the capital of Kwara State.

“Promoting financial stability and economic development” is the topic of the CBN expo.

Speaking on behalf of the CBN, Akpama Uket, acting director of corporate communications, stated that Deposit Money Banks have been instructed to begin returning the existing currency to the CBN right away.

Additionally, they have been told to accept any existing banknotes above the limit outlined by the Cashless Policy without charging clients.

“Consequently, you must return all the current N200, N500, and N1,000 banknotes to your bank before the expiration of the deadline,” he said.

Let me further underline the need to handle the naira with care,” the CBN said in a statement warning Nigerians of the repercussions of handling naira notes carelessly. Our national pride continues to be represented by the naira. Give it the utmost respect.

“Do not spray, squeeze or counterfeit the naira, as default goes with consequences.”

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