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Naira redesign: CBN directs banks to work on Saturdays

The Central Bank of Nigeria (CBN) has instructed commercial banks to work on Saturdays to enable customers to return old naira notes in exchange for…

The Central Bank of Nigeria (CBN) has instructed commercial banks to work on Saturdays to enable customers to return old naira notes in exchange for new ones.

The apex bank had announced plans to redesign the N200, N500 and N1,000 notes.

The Director, Corporate Communications Department of CBN, Mr Osita Nwasinobi, said this at the CBN fair in Ilorin, the Kwara State capital, on Thursday, themed ‘Promoting Financial Stability and Economic Development’.

He said the existing currencies would remain legal tender and circulate along with the new notes until January 31, 2023.

Represented by the Acting Director, Corporate Communications of CBN, Akpama Uket, the director said Deposit Money Banks (DMBs) have been directed to immediately start returning the existing currencies to the CBN.