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Tuesday, January 31, 2023

CBN tells Nigerians to reject old naira notes from banks –

The Central Bank of Nigeria (CBN) has advised Nigerians to start rejecting old naira notes issued by banks.

Vertex Bank further reminded bank customers that old banknotes ceased to be legal tender on January 31, with no plans to extend the period.

The announcement was made by Deputy Director of Currency Operations Rekiyat Yusuf during a presentation of the new naira note to market participants in Lokoca, Kogi State on Thursday.

Any bank found to have issued expired notes to customers would face corresponding sanctions in the future, she said.

As such, the CBN is directing customers to report to Apex Bank, either over the counter or via an automated teller machine (ATM), any bank that is still distributing old banknotes.

Yusuf further urged traders to take advantage of the windows provided before the January 31 deadline to visit banks and exchange old banknotes for new ones.

Also read:New naira bill will boost financial inclusion, curb corruption, says CBN official

“There is no reason for banks to keep stocking old notes in their ATMs as Apex Bank has provided enough of the redesigned notes for distribution to the public. Any bank caught will face appropriate sanctions,” she says.

Responding to customer questions about the continued distribution of old naira notes through ATMs, Yusuf said: “If banks give you old notes, please reject them and return them to the bank and report to the bank immediately for us to take appropriate action. We have given provided them with enough new paper money to replace the old paper money in circulation.

“Bring your old naira Bank the notes you hold and deposit them for free. The CBN has instructed commercial banks not to charge any fees for such deposits. By January 31, these existing naira notes will no longer be accepted for buying and selling in the country. “

Yusuf outlined the reasons for the redesign of the note, including curbing terrorism, kidnapping for ransom and widespread corruption in society, adding that action had been taken to control inflation.

“International best practice of redesigning currencies every five to eight years also needs to be achieved. We have been doing this for a long time since the current currency started working in 1984,” she said.

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