CBN instructs Banks nationwide to work on Saturdays

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

Mr Osita Nwasinobi, the Director, Corporate Communications Department of the CBN, stated this at the CBN fair themed: “Promoting Financial Stability and Economic Development” in Ilorin on Thursday.

Nwasinobi, who was represented by Mr Akpama Uket, the Acting Director, Corporate Communications, CBN affirmed that the new and existing currencies shall remain legal tender and circulated together until Jan. 31, 2023, when the existing money shall cease to be legal tender in Nigeria.

He stated that Deposit Money Banks (DMBs) have been directed to immediately start returning the existing currencies to the CBN.

In his words: “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.”

The CBN boss had explained that the redesigning of the Naira notes was for macroeconomic stability.

He added that the aim was to build a strong, stable and resilient economy that is self-sustaining and ability to weather unanticipated shocks.

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

Nwasinobi warned that “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.”