By MBAFAN ADE, Abuja –
Nigerian banks have announced modifications to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies.
This is just as the Central Bank of Nigeria (CBN), has instructed commercial banks in the country to work on Saturdays till Jan. 31, 2023, to enable bank customers return old naira notes for new ones.
The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers emails On December 15, 2022, the Central Bank of Nigeria will begin the circulation of new Naira notes
The action of the commercial banks is in response to the plans by the CBN to mop up naira notes from the economy.
In a separate email to their customers and social media posts, the banks revealed that the decision is to help customers beat the deadline of January 31 set by the CBN.
CBN governor, Godwin Emefiele, said the plan to redesign Naira notes denominations of N200, N500 and N1000 would allow the bank to mop up N2.73 trillion out of the N3.23 trillion currency in circulation that is outside the vaults of commercial banks.
Access Bank
Access bank, in a notification titled we are open on Saturday, said:
“In order to beat the new Naira notes deadline of January 31, 2022, our branches will be open for longer hours during the week for your convenience, and they will also be open on Saturdays from 10 a.m. – 2 p.m. to receive cash deposits.”
Ecobank
Ecobank also has a similar message: “You can now deposit your old banknotes ahead of the January 31st, 2022 deadline. We will be open from 10am to 3pm”
UBA
The United Bank for Africa (UBA) also said it would begin operations on Saturdays for cash deposits, The Cable reports. The financial institution said all its branches would be open on Saturdays from 10am to 2pm for cash deposits only.
The email reads: “Following the CBN announcement on the introduction of new naira notes, we are now open on Saturdays, from 10:00 am to 2:00 pm for cash deposits only”
Other banks have also shared similar messages with their customers.
The directive by the CBN on Saturday banking was made known by Mr Osita Nwasinobi, the Director, Corporate Communications Department of the apex bank at the CBN fair in Ilorin on Thursday.
The fair was themed: “Promoting Financial Stability and Economic Development”.
He explained that the new and existing currencies shall remain legal tender and circulated together until Jan. 31, 2023, when the existing money shall cease to be legal tender in Nigeria.
Nwasinobi, who was represented by Mr Akpama Uket, the Acting Director, Corporate Communications, CBN, said that Deposit Money Banks (DMBs) have been directed to immediately start returning the existing currencies to the CBN.
“They have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charges to customers.
“Consequently, you must return all the current N200, N500 and N1,000 banknotes to your bank before the expiration of the deadline,” he said.
The CBN boss said that the redesigning of the Naira notes was for macroeconomic stability.
He said the aim was to build a strong, stable and resilient economy that is self-sustaining and ability to weather unanticipated shocks.
“The bank will achieve this by applying appropriate monetary policy tools, reining inflation and continuously encouraging a productive economy through interventions.”
Recalls that the CBN recently announced plans to redesign, produce, release and circulate new series of three banknotes, out of the existing eight banknotes.
These are the N200, N500 and N1,000 denominations, which will take effect from Dec. 15, after its launch by President Muhammadu Buhari.
A report by the News Agency of Nigeria (NAN), further said that the CBN also warned Nigerians of the consequences of mishandling the Naira notes.
“The Naira remains a symbol of our national pride. Treat it with utmost dignity.
“Do not spray, squeeze or counterfeit the Naira, as default goes with consequences,” Nwasinobi warned.
(With additional report by Legit.ng)
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