Stop Accepting Old Naira Notes From Banks, CBN Tells Nigerians

The Central Bank of Nigeria, CBN, has told bank’s customers to reject old naira notes from banks.

CBN Deputy Director, Currency Operation, Dr Rekiyat Yusuf, who gave the directive, at a sensitisation program in Lokoja, Kogi State, warned that, as earlier stipulated, the old notes will cease to be legal tender from January 31, 2023.

She also noted that appropriate sanctions would be taken against any erring bank found dispensing old notes to customers henceforth.

She called on customers to report any bank found dispensing old notes either over the counter or through the Automated Teller Machine, ATM, to the apex bank.

Mrs Yusuf further advised Nigerians, especially the market men and women, to avail themselves the window provided by the January 31st deadline to exchange their old notes with the new ones.

“There is no reason for banks to still be stocking their Automated Teller Machines, ATMs, with old notes as the Apex Bank has made enough redesigned notes available for dispensing to members of the public. Any bank caught would be made to face appropriate sanction”, she said.

Yusuf further noted, “If banks give you old notes, reject them and return them to the bank and report the bank to us immediately for appropriate action. We have given them enough new currency notes to dispense to replace the old ones in circulation.

“Carry your old naira notes in your possession to the bank, deposit it without any charges attached. CBN has directed commercial banks not to charge anything on such deposit. By 31st January, this present naira notes will not be accepted for buying and selling in this country.”

The Deputy Director, Currency Operation listed reasons for redesigning the notes to include curbing terrorism, kidnapping for ransome and endemic corruption in the society, noting the action was also taken to control inflation.

“There is also the need to fulfill international best practices of redisegning currency once in five to eight years. We are long over due since the present currency came into operation since 1984,” she said.

She later embarked on an inspection tour of some ATMs within Lokoja, to ensure the machines were stocked with the newly redesigned notes.

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