Customers have been advised by the Central Bank of Nigeria (CBN) to begin rejecting old naira notes from banks.
Customers were also reminded by the apex bank that the old notes were no longer legal tender on January 31 and that there were no plans to extend the deadline.
Deputy Director of Currency Operations Rekiyat Yusuf made the announcement Thursday during a presentation to market participants about the new naira notes in Lokoja, Kogi State.
She stated that appropriate penalties will be imposed on any bank that is found to be issuing customers with out-of-date notes in the future.
-Advertisement – As a result, the CBN instructed customers to notify the apex bank of any banks still dispensing old notes, either over the counter or through an ATM.
Additionally, Yusuf urged traders to make use of the window provided by the 31st of January deadline by visiting banks to exchange their previous notes for new ones.
The Apex Bank has provided sufficient redesigned notes for public distribution, so there is no need for banks to continue stocking their Automated Teller Machines with outdated notes. She stated, “Any bank caught would face appropriate sanctions.”
Yusuf stated, “If banks give you old notes, reject them and return them to the banks and report the banks to us immediately for appropriate action,” in response to a customer’s complaint about the continued distribution of old naira notes through ATMs. We have provided them with sufficient new currency notes to replace the existing ones in circulation.
Take your old naira notes to the bank, where you can deposit them without incurring any fees. The CBN has instructed commercial banks not to charge these deposits anything. These current naira notes will not be accepted for purchase or sale in this country after January 31.
In addition to controlling inflation, Yusuf outlined the reasons for redesigning the notes, which included combating terrorism, kidnapping for ransom, and widespread corruption in society.
“International best practices, such as redesigning currency once every five to eight years, must also be followed.” Since the current currency was introduced in 1984, we have been waiting a long time,” she stated.