Naira Redesign: CBN Instructs Commercial Banks To Work On Saturdays Until Jan. 31

The Central Bank of Nigeria has directed all commercial banks in the country to work on Saturdays till January 31, 2023, in order to allow customers to exchange their old naira notes for new ones.

The old and new currencies will remain legal tender and circulated together until January 31, 2023, after which the old money will no longer be legal tender.

Deposit Money Banks have been ordered to immediately start returning the existing currencies to the CBN and receive them beyond the threshold stipulated by the Cashless Policy without charges from customers.

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The CBN has urged Nigerians to return all current N200, N500, and N1,000 banknotes to their banks before the deadline expires. This is in line with the CBN’s plans to redesign and circulate new series of banknotes.

The new notes will be in denominations of N200, N500, and N1000, and will take effect from December 15. The CBN has warned that mishandling the notes could lead to consequences.


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