Naira Redesign: Central Bank of Nigeria directs banks to open Saturdays
Written by Olarotimi Oshin on November 17, 2022
The Central Bank of Nigeria has instructed commercial banks in the country to work on Saturdays till January 31, 2023, to enable customers return existing naira notes.
Speaking today at the CBN fair in Ilorin, Kwara State capital, the CBN Director, Corporate Communications Department, Osita Nwasinobi, maintained that the new and existing notes shall remain legal tender until January 31, 2023, when the existing notes shall cease to be legal tender.
The CBN fair has as its theme, “Promoting financial stability and economic development.”
Represented by acting director, Corporate Communications, CBN, Akpama Uket, the director said that Deposit Money Banks have been directed to immediately start returning the existing currencies to the apex Bank.
It could be recalled that the CBN had announced plans to redesign the N200, N500, and N1,000 banknotes, and set to release the new notes by December 15, 2022.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed says states will soon get one billion dollar as part of the last tranche of the 1.5 billion dollar grants under the World Bank assisted States’ Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme.
According to the minister, the grants will be released in December 2023
She disclosed this at a dinner organised by the ministry in conjunction with the World Bank for the celebration of the SFTAS achievements and presentation of awards to best performing states held in Abuja at the sidelines of the 28th Nigerian Economic Summit.
The 1.5billion dollar grant is an inclusive performance for grant and technical assistance components.