If Banks Give You Old Naira Notes, Reject Them – CBN Says, Issues New Warning

The Deputy Director, of Currency Operations at the Central Bank of Nigeria (CBN), Rekiyat Yusuf, has urged Nigerians to reject old naira notes dispensed to them by commercial banks.

Yusuf gave the advice on Thursday during a new naira notes presentation in selected markets in Lokoja, Kogi State, as the central bank continues awareness. 

The CBN has been sending its directors across the country to create awareness for the new naira notes ahead of the 31 January 2023 deadline to phase out the old N200, N500 and N1,000 banknotes. 

Prime Business Africa had reported last year that the central bank announced its intention to redesign the naira notes to increase security features of the currencies to prevent counterfeiting. 

Nigeria’s financial regulator had also moved to redesign the naira to reduce the volume of currencies in circulation. The apex bank revealed that majority of Nigeria’s banknotes are outside the banking system, and there’s a need to mop it into the banks’ vaults. 

Addressing participants at the market visit, Yusuf cautioned against receiving old naira notes from banks with 10 days to go for the currency to cease being a legal tender. 

She said the central bank has enough redesigned naira notes that the commercial banks can load into their Auto Teller Machines (ATM), so the financial institutions have no reason not to dispense the new banknotes through their ATMs. 

“There is no reason for banks to still be stocking their Automated Teller Machines 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”, Yusuf said. 

The CBN director also advised that in the case banks give customers old naira notes, the customers should reject it and report the lender to the central bank for sanction. 

“If banks give you old notes, reject them and return them to the banks and report the banks 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, and deposit them without any charges attached. CBN has directed commercial banks not to charge anything on such deposits. By 31st January, these present naira notes will not be accepted for buying and selling in this country,” Ahmed warned.