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Business News of Wednesday, 23 November 2022


New Naira Notes: Banks extend banking hours to 6pm, Saturday banking

The photo used to illustrate the story The photo used to illustrate the story

Many Nigerian banks have started banking operations on Saturdays, following in the steps of Fidelity Bank, the only bank so complying with CBN directives.

Also, the banks have announced the extension of banking hours to 6 pm as against the usual time.

The development comes as the Central bank of Nigeria announced that President Muhammadu Buhari would unveil the new naira notes on Wednesday, November 23, 2022, in Abuja.

Fidelity Bank had notified its customers that all its branches would open by 8 am and close by 6 pm on weekdays and Saturdays, primarily for cash deposits.

Fidelity said: “Following the CBN announcement on the currency redesign exercise, please note that we have reviewed our working hours. You are encouraged to continue to use our e-channels to transact conveniently,” the notice reads.

The bank is the only bank in Nigeria which began Saturday banking and extension of hours.

The Central Bank of Nigeria governor, Godwin Emefiele, announced Tuesday after the MPC meeting that President Muhammadu Buhari will unveil the new notes.

He also said that the CBN will limit the circulation of N500 and N100 notes and said their glut in the system is partly responsible for inflation in the country.

Emefiele stated that the date for the launch of the new notes remains sacrosanct.

He said: “We are no longer waiting for December 15 to unveil the new note, the president has agreed to unveil the new currency on November 23, 2022,” he said.

The apex bank has asked all deposit money banks to keep their currency processing centres open for their customers on Saturday for cash deposits.