CBN instructs banks to work on Saturdays until January 2023

To enable bank customers to exchange their old naira notes for new ones, the Central Bank of Nigeria (CBN) has ordered that commercial banks remain open on Saturdays through January 31, 2023. Osita Nwasinobi, the director of the apex bank’s corporate communications department, revealed this.

He added both the new and old currencies would continue to be accepted as legal cash in Nigeria until January 31, 2023. At that point, the old money would no longer be in circulation.

Nwasinobi noted that Deposit Money Banks (DMBs) have been instructed to start returning the current currency to the CBN right away. Nwasinobi was represented by Mr. Akpama Uket, CBN’s Acting Director of Corporate Communications.

“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.

The redesign of the naira notes, according to CBN Governor Godwin Emefiele, was made to promote macroeconomic stability. He claimed that the objective was to build a powerful, robust, and resilient economy that can sustain itself and withstand unanticipated shocks.

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This will be accomplished by the bank by employing the proper monetary policy tools, controlling inflation, and consistently promoting a productive economy through interventions. Our national pride continues to be represented by the naira. Give it the utmost respect. Nwasinobi emphasized, “Do not crush, spray, or counterfeit the Naira because failure to comply has consequences.