CBN Instructs Commercial Banks To Work On Saturdays, Gives Reason

CBN Instructs Commercial Banks To Work On Saturdays, Gives Reason

The Central Bank of Nigeria, CBN, has directed that commercial banks in the country remain open on Saturdays until January 31, 2023, to allow customers to exchange old naira notes for new ones.

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

The theme of the fair was “Promoting Financial Stability and Economic Development.”

He explained that the new and existing currencies would be legal tender and circulated alongside each other until January 31, 2023, when the existing money would cease to be legal tender in Nigeria.

Mr Nwasinobi, who was represented by Akpama Uket, the CBN’s Acting Director of Corporate Communications, stated that Deposit Money Banks, DMBs, have been directed to begin returning existing currencies to the CBN immediately.

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“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 stated that the redesign of the Naira notes was done to promote macroeconomic stability.

He stated that the goal was to create a self-sustaining economy that could withstand unexpected shocks.

“The bank will achieve this by applying appropriate monetary policy tools, reining inflation and continuously encouraging a productive economy through interventions.”

Recall that the CBN has announced plans to redesign, produce, release, and circulate a new series of three banknotes in addition to the existing eight banknotes.

These are the N200, N500, and N1,000 denominations, which will go into effect on December 15th, following President Muhammadu Buhari’s announcement.

The CBN also warned Nigerians about the consequences of mishandling 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,” Mr Nwasinobi warned.

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