By Muhammadu Sabiu
In order to allow customers to return old naira notes, the Central Bank of Nigeria has ordered commercial banks around the nation to open on Saturdays through January 31, 2023.
The N200, N500, and N1,000 banknotes will be redesigned by the Central Bank of Nigeria (CBN) and released by December 15, 2022.
The present notes will continue to be legal money until January 31, 2023, when they will no longer be, according to CBN Director of Corporate Communications Osita Nwasinobi, who was speaking at the CBN exhibition on Thursday in Ilorin, the capital of Kwara State.
Represented by the acting Director of Corporate Communications, CBN, Akpama Uket, the director said, “They [the banks] 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.”