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New Naira note: Banks to extend operations to Saturdays

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In furtherance of its plans to ensure Nigerians return the old naira notes, the Central Bank of Nigeria (CBN), has instructed all commercial banks to extend operations to Saturdays, till January 31, 2023 when the new notes will be in circulation.

The apex bank gave the order at the CBN fair in Ilorin, Kwara State capital, on Thursday.

The CBN, on October 26, announced plans to redesign the N200, N500 and N1000 banknotes and release the new notes by December 15, 2022.

CBN Governor, Godwin Emefiele, who announced the plan, ordered Nigerians return the old notes to their commercial banks, with all deposits charges suspended.

Speaking at the bank’s fair in Ilorin on Thursday, CBN Director of Corporate Communications, Osita Nwasinobi, noted that the new and old notes will remain in circulation until January 31, 2023.

Represented by the acting director, Corporate Communications, CBN, Akpama Uket, the director said that Deposit Money Banks have received signals to start returning the existing currencies to the CBN.

“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 N1000 banknotes to your bank before the expiration of the deadline”, he said.

Nwasinobi also warned Nigerians not to mutilate naira notes, stressing that such actions attract penalty.

“Let me also reiterate the need to handle the naira with care. 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”, he added.

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