Naira Redesign: Banks announce weekend operations

Nigerian banks Friday announced that their branches nationwide will operate at the weekend to receive and change old notes for their customers.

The Central Bank of Nigeria last December introduced the newly redesigned N200, N500 and N1,000 as part of efforts to check inflation, counterfeiting and corruption. The bank also reiterated that the old note will cease being a legal tender by 31 January.

As part of efforts to ease circulation of the new notes, the apex bank also launched a cash swap programme across local government areas in the country.

On Friday, to complement the effort of the apex bank, some commercial banks announced that their branches nationwide will operate on Saturday and Sunday.

“In line with our drive to always put You First, our branches nationwide will be open this Saturday, 28 January 2023 and Sunday, 29 January 2023 to receive your old Naira notes from 10 am – 2 pm,” First Bank said in a message to account holders.

The lender added that there will be no charges for cash returned or paid into customers accounts within the period.

“All old Naira notes of series N200, N500 and N1000 will cease to be accepted as legal tenders from 31 January 2023,” it added.

UBA in its message also said that its branches will operate and attend to customers at the weekend.

GTBank, on its part, urged customers to “save time! Avoid the last-minute rush by depositing your old Naira notes today at any of our branches.”

The lender added that: “Our branches will be open on Saturday January 28 and Sunday January 29, 2023 from 10.00am to 3.00pm to receive your cash deposits only.”

Earlier in the week, the CBN Governor, Godwin Emefiele, announced that there is no going back with regard to the 31 January deadline the bank stipulated for the acceptance of the old notes as legal tender among Nigerians.

The apex bank also threatened sanction against any bank caught loading its ATM with the old notes.