Don’t Wait Until The Last Day to Change Your Naira Notes, Banks Warn Nigerians

Nigerian banks have encouraged their customers to deposit their old naira notes early to avoid a last-minute rush as the deadline set by the Central Bank of Nigeria for depositing old notes draws closer.

The Central Bank of Nigeria (CBN) via its governor, Godwin Emefiele has maintained that January 31, 2023, remains the deadline date for the exchange of old naira notes to new notes, Investors King reports.

To ensure seamless exchange for its customers, Ecobank Nigeria called on its customers to approach any of its branches to deposit old naira banknotes into their accounts to avoid a last-minute rush, also assuring them of gaining a minimum of eight percent interest on their savings.

In a message to its customers, the bank assured that measures are in place in all its branches to ensure painless, easy and stress-free cash deposits by customers, adding that the bank’s branches are now open for business on Saturdays to accept deposits from customers.

David Isiavwe, Ecobank Group Head, Operations and Technology while being quizzed in Lagos, said there are no charges on cash deposits at any Ecobank branch, no matter the volume. He assured customers of prompt services any day of the week and on Saturdays when the branches are also open to receiving cash.

“We wish to inform our customers not to wait for rush hour to bring their cash to the bank. They should visit any of our branches closest to them to deposit their cash in their account. We have extended our working days to Saturday to enable customers deposit cash. Though we are impressed with the present turn out of customers, there is still the need for others to comply. We don’t want any of our customers to miss the CBN’s deadline.”

First Bank PLC has also extended its daily operations to Saturday as they want customers to bring in old notes for deposit. A statement from the bank read “Have you been busy all week long and can’t visit any of our branches? Don’t worry, come in this Saturday from 10 am – 1 pm and get a debit card while you deposit your old naira notes; there will be no charges for cash returned/paid into your accounts.”

Fidelity Bank PLC has also joined in the extension of operations as the bank has temporarily extended its operating hours to 6.00pm after the Central Bank announced the unveiling of the new naira notes before the earlier scheduled time.

The Federal Government through the CBN, on December 15, 2022 introduced new designs of 200, 500 and 1000 banknotes into the nation’s financial system.