Naira redesign: CBN directs banks to work on Saturdays

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

This comes as the date for the introduction of the redesigned N200, N500, and N1,000 banknotes draws near.

Recall that CBN governor, Godwin Emefiele, had announced in October that new series of three banknotes will be redesigned, produced, and released into circulation from December 15, 2022. 

Speaking at the CBN fair in Ilorin, Kwara State capital, on Thursday, November 17, 2022, the CBN Director, Corporate Communications Department, Osita Nwasinobi, explained 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.”

Nwasinobi, who was represented by 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.

Nwasinobi's word: “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 also said that the redesigning of the Naira notes was for macroeconomic stability, noting that the aim was to build a strong, stable and resilient economy that is self-sustaining and ability to weather unanticipated shocks.

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

In a related development, Pulse reports that he Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, said the new currency policy may cause dollar to drop to N200.

Bawa, who also dismissed insinuations that the policy was politically motivated, urged Nigerians to report any person with siphoned monies.