• News - South West - Lagos
  • Updated: January 19, 2023

We've Been Pleading With Banks To Take Redesigned Naira Notes — CBN

We've Been Pleading With Banks To Take Redesigned Naira Note

As the deadline for the submission of the old N200, N500, and N1,000 notes fast approaches, the Central Bank of Nigeria (CBN) has disclosed that it is begging banks to collect the redesigned naira notes.

The Apex Bank set January 31, 2023, as the deadline for the use of the old notes as they will cease to become legal tender by that time.

Despite calls to extend the deadline, CBN has maintained that the date would not be shifted.

During a sensitisation programme at Computer Village, Ikeja,  Lagos, the Director of the Legal Services Department of CBN, Kofo Salam-Alada, said they have been appealing to banks to start taking the redesigned notes for distribution to citizens.

According to him, disbursement of the new naira notes has been restricted to ATMs in order to ensure access to all bank customers.

“I can tell you today the CBN on a daily basis gives out the new notes. As we speak now banks are with the CBN taking money.

“I am reliably told that we are actually begging commercial banks to come and take money (the new notes) from the CBN. We have these new naira notes in our vaults and we are waiting for banks to come and collect them.

“To also let you know the seriousness of CBN for these new naira notes to permeate everywhere, we have found out that a lot of things are happening, and we stopped the across-the-counter withdrawal of new naira notes to ensure that you can have access to it.

“Not a situation where, one chief, who is known to the manager or everyone will cart away all the new naira notes from a particular branch.

“And that is why we said if you want the new naira notes, walk to the ATM where there is no distinction between myself and the hawker over there.

“Part of what we are doing is that we have monitors going around banks.

"I have been to some ATMs this morning and I have logged reports, I have spoken to the management of various banks.

"When I am in any bank, I speak with the Head Office, I ask them, where are the new naira notes we gave you, and you will start hearing an explanation.

“What you have been experiencing will actually ease off very soon because the banks now know there will be a penalty for failure to come and pick the new naira notes from the CBN and for failure to load the notes into their branches”, he stated.

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