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 existing naira notes.
The CBN had announced plans to redesign the N200, N500, and N1,000 banknotes, and release the new notes by 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, said 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.”
Represented by acting director, Corporate Communications, CBN, Akpama Uket, the director said that
Deposit Money Banks have been directed to immediately 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 N1,000 banknotes to your bank before the expiration of the deadline,” he said.
Meanwhile, the CBN warned Nigerians of the consequences of mishandling naira notes, saying, “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.”
Buhari Disowns Finance Minister, Says ‘CBN Has My Full Backing’ On Naira Redesign
President Muhammadu Buhari on Sunday, October 30, 2022, said that the decision of the Central Bank of Nigeria, CBN, to launch new designs and replace high-value Naira notes has his support.
President Buhari in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu said he was convinced that the nation will gain a lot by doing so.
Speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation.
He said he did not consider the period of three months for the change to the new notes as being short.
According to him, ”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”
The statement further said that President Buhari In the interview, also addressed issues of food security and national security, among others.
New Naira Notes: Presidential Candidate Demands Sack Of CBN Governor
President Muhammadu Buhari has been asked to fire the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele over the plan to introduce new naira notes in the country.
Omoyele Sowore, the presidential candidate of the African Action Congress, said Emefiele should be fired over the redesigning of the new naira notes.
Sowore said CBN should boost the value of the naira rather than redesign bank notes.
In a tweet, Sowore wrote: “Central Bank of Nigeria to redesign banknotes 200, 500 and 1000 notes instead of boosting the value of the Naira. Jokers!
“Me: It is time to fire the CBN Governor, Emefiele #WeCantContinueLikeThis”
According to a statement by the governor of the apex bank would unveil the redesigned naira notes on December 15, 2022.
Emefiele said the new currencies to be launched are N1,000, N500, and N200 notes.
Addressing a press conference, Emefiele advised Nigerians to take their old notes to banks in exchange for new ones.