Currencies

CBN asks Nigerians to return banknotes before deadline expiration – New Telegraph

The Central Bank of Nigeria (CBN) yesterday enjoined Nigerians, to as matter of policy, return all the current N200, N500, and N1000 banknotes to their banks before the expiration of the deadline. The Bank also made it clear that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender. Speaking yesterday at the Central Bank Sensitisation, enlightenment and Bank Fair held in Osogbo, the Osun State capital, Mr, Osita Nwanisobi, Director, Corporate Communications of the CBN, reiterated the need to handle the Naira with care.

Nwanisobi, who spoke through the Acting Director, Corporate Communication, CBN Akpama Uket said that the Naira remains a symbol of our national pride which must be treated with utmost dignity. The Director also urged Nigerians not to spray, squeeze, or counterfeit the Naira, saying that defaulters risk the consequences.

According to him “As you all may be aware, the CBN, riding on international best practice and Section 2 (b) of the CBN Act 2007, which stipulates currency management as one of its key functions, has announced the plan to redesign, produce, release, and circulate the new series of three banknotes out of the existing eight banknotes, comprising N200, N500, and N1000 denominations, effective December 15, 2022; after its launch by President Muhammadu Buhari.”

He posited that “the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender in Nigeria. While 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.” In his welcome address, the CBN Branch Controller, Osogbo, Mrs Daphne Madojemu said that the programme aimed to sensitise Nigerians on the activities of the Bank in promoting the country’s economic stability.

The controller, who was represented by Acting Branch controller, Osogbo, Mr, Anthony Okoro noted that this year’s CBN Fair was unique because it was informative and well articulated on all the bank’s policies especially on the newly introduced electronic Naira and the plan to redesign some of the bank’s notes.

 

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