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Naira redesigning: Commercial banks ordered to work on Saturdays

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. ..Myetti Allah begs for deadline extension

Central Bank of Nigeria (CBN) has ordered commercial banks across the country to open for work on Saturdays from now till January 31, 2023, to enable customers return existing naira notes.

Speaking  at the CBN Fair in Ilorin, Kwara State capital, CBN Director of Corporate Communications Department, Osita Nwasinobi, maintained  that the new and existing notes would remain legal tender until January 31, 2023, when the existing notes shall cease to be legal tender.

Nwasinobi, who spoke on the theme, “Promoting financial stability and economic development,” and was represented by the bank’s acting Director of Corporate Communications, Akpama Uket, said that Deposit Money Banks had been directed to immediately start returning the existing currencies to the CBN.

Myetti Allah

 “They have also been instructed to receive the existing banknotes beyond the threshold stipulated by the cashless policy without charges to customers.

“Consequently, you must return all the current N200, N500, and N1,000 banknotes to your bank before the expiration of the deadline.

“Let me also reiterate the need to handle the naira with care. The naira remains a symbol of our national pride. Treat it with utmost dignity.

“Do not spray, squeeze or counterfeit the naira, as default goes with consequences.”

Meanwhile, the leader of Miyetti Allah Cattle Breeders Association of Nigeria, South-East chapter, Gidado Siddiki, has appealed to the Central Bank of Nigeria to extend the deadline given for the circulation of the country’s new currencies.

Siddiki made the call in an interview with journalists in Awka, on Thursday, saying that  the December 15, 2022, deadline should be extended for another three months to enable members of the association bring out their money from the forests to avoid huge losses on their part.

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He said the appeal became necessary because according to him, the group are majorly living in forest and bushes as a result of their business, they needed more time to bring out their savings for proper transformation to the new redesigned notes.

Siddiki, who said the association was in full support of the policy said, “We are appealing because in 1985, when a similar policy was announced, so many of our people that were in their grazing settlements at the rural areas across the country lost their money because the information came too prompt and was not properly communicated to them.

“They could not meet up with the timeframe given by the Apex bank then. The two weeks given then was not enough for them to meet up and majority of the herders lost their long time savings because, many of the herders do not have account numbers and do not keep their money in the bank. They keep and protect their money locally.

“We cannot  fight or reverse government policies as law abiding citizens of Nigeria. We are only appealing to the CBN to help us extend the deadline for another three months so as to enable the leadership of Miyetti Allah reach out properly to those living in out of telecommunication areas across states of the federation

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