Naira Redesign: CBN Orders Bank to Open on Saturday Ahead of Deadline

The Central Bank of Nigeria (CBN) has ordered commercial banks in Nigeria to work on Saturday to enable bank customers to return old naira notes for new ones.

The commercial banks are to run Saturday operations until Jan. 31, 2023 which was the approved deadline date.

According to the apex bank director of the corporate communication department, Osita Nwanisobi, the instruction is necessary amid the demand for extension from several socio-political-economic groups in Nigerians. 

Investors King could recall that the Nigerian Senate had earlier called for the extension of the deadline set for the rejection of the old N200, N500, and N1000 naira notes.

While showing support for the policy, senators across party lines however expressed concern about the deadline noting the duration is too short. 

Similarly, the Miyetti Allah Cattle Breeders Association of Nigeria, MACBAN, urged the Central Bank of Nigeria (CBN) to extend the deadline for the circulation of the soon-to-be-old naira notes.

The association seeks a three-month extension to give members more time to deposit their money in banks.

“We cannot fight or reverse the government policy as law-abiding citizens of Nigeria, but we are only appealing to the CBN to help us extend the deadline for another three months,” the association said in a statement on Friday. 

It would be recalled that the Central Bank had its intentions to redesign a portion of the naira notes. The affected naira notes include N100, N200, N500, and N1000 notes.

According to the apex bank, the policy is aimed at addressing some prevailing issues which include counterfeiting, terrorism, and currency hoarding. 

While addressing journalists, the CBN governor, Godwin Emefiele noted that the bank would release re-designed naira notes by December 15, 2022. 

The CBN governor disclosed that the policy was targeted at controlling currency in circulation as well as curbing counterfeit currency and ransom payments to kidnappers and terrorists.

He added that as at the end of September 2022, N2.73 trillion out of the N3.23tn currency in circulation was outside the vaults of commercial banks.