The Central Bank of Nigeria (CBN) has instructed commercial banks in the country to work on Saturdays till January 31, 2023 to enable customers return old naira notes for new ones.
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It would be recalled that the CBN had announced plan to redesign, produce, release, and circulate new series of three banknotes out of existing eight banknotes, comprising N200, N500, and N1,000 denominations respectively, effective on December 15, 2022, after its launch by President Muhammadu Buhari.
Speaking at the CBN Fair in Ilorin, the Kwara State capital, on Thursday, themed, ‘Promoting financial stability and economic development’, Director, Corporate Communications Department of the apex bank, Mr. Osita Nwasinobi, said that the new and existing currencies would remain legal tender and circulate together until January 31, 2023, when the existing currencies would cease to be legal tender in Nigeria.
Represented by the Acting Director, Corporate Communications, CBN, Akpama Uket, the Director said that Deposit Money Banks (DMBs) have been directed to immediately start returning the existing currencies to the CBN.
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