“Don’t Collect Old Naira Notes From Any Bank” – CBN

The Central Bank of Nigeria (CBN) has ordered customers to start refusing old naira notes from banks, stressing that the old notes lose their legal tender status by the earlier specified deadline of January 31.

This information was provided by Dr Rekiyat Yusuf, the Deputy Director of Currency Operations, on Thursday in Lokoja, Kogi State, during a market education session on the redesigned naira notes.

She promised that any irresponsible banks discovered giving out outdated notes to customers going forward would face appropriate punishment.

As a result, the CBN instructed customers to inform the apex bank of any bank that was still issuing old notes, whether it was over the counter or through an ATM.

Additionally, Yusuf urged traders to take advantage of the window created by the January 31 deadline by going to banks to exchange their old notes for new ones.

“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”, she said.

Responding to a customer on the continued dispensing of old naira notes via ATMs, Yusuf said: “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, deposit it 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.”

Reducing terrorism, kidnapping for ransom and pervasive corruption in society were just a few of the reasons Yusuf listed for redesigning the notes, adding that the move was also made to keep inflation in check.

She said, “There is also the need to fulfil international best practices of redesigning currency once in five to eight years. We are long overdue since the present currency came into operation in 1984.”

She then began to inspect some of the ATMs in the city of Lokoja to make sure they were loaded with the freshly revised currency.