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CBN says Banks to open on Saturdays to receive old naira notes

The Central bank of Nigeria revealed that Nigerian banks would work over the weekend to receive old naira notes from customers in preparation for the January 31st deadline.

This was disclosed by the Central Bank of Nigeria (CBN) on Friday during its enlightenment campaign on traders at the Eke Market, Afikpo, Ebonyi State.

Open on Saturdays: The CBN stated that Banks would work on Saturdays for this purpose, adding there would be no limits on amounts that can be deposited, citing that they have adopted spot checks on various ATMs to ensure compliance by banks.

  • “Banks would work on Saturdays for this purpose and there are no limits to amounts that can be deposited.“
  • “The CBN team is in Ebonyi to ensure the implementation of the directives as we have not directed any bank to stop collecting old not.”

ATMs: They added that would be no extension on the Jan. 31 deadline for the notes’ submission and urged Nigerians to report any bank still dispensing old notes through its Automated Teller Machines (ATM) to the CBN for sanctions.

  • “We visited 14 different banks in Abakaliki and 13 were dispensing the new notes through their ATM”.
  • “We have communicated with the bank that is still dispensing the old notes and wish to inform the public that there is no shortage of the new notes”
  • “Since the beginning of this week, for example, we have been working assiduously to ensure the dispensing of the notes.
  • “We have adopted spot checks on various ATMs to ensure compliance by banks.”

In case you missed it

The Governor of the Central Bank of Nigeria, Godwin Emefiele, said the apex bank has asked banks to pick up the new naira notes and even waived some of the conditions for accessing the new banknotes.

Emefiele revealed that the CBN approached banks to pick up new notes and waved conditions to accessing the redesigned currency. He said:

  • “We have been calling upon the banks to approach the Central Bank of Nigeria across the country to come and pick up the new notes; we have even waived some of the conditionality for accessing currency notes to accommodate the banks.

 

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