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HomeBusinessNigerian banks extend operations to weekend to mop up old naira notes

Nigerian banks extend operations to weekend to mop up old naira notes

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By Samuel Bankole

Some Nigerian banks have indicated their intention to open on Saturday and Sunday to enable their customers to deposit their old naira notes ahead of the January 31 deadline set by the Central Bank of Nigeria (CBN) to phase out the old notes for the redesigned banknotes.

In a separate email to customers on Friday, both First Bank Limited and Ecobank Nigeria said they will open their branches nationwide on the weekend days to receive old naira notes from customers.

The CBN has set January 31 as the last day the old naira notes would be legal tender across the country.

However, hundreds of bank customers are still finding it difficult to access the new naira notes while some businesses and e-commerce are already rejecting the old notes for transactions across the country.

Dozens of Nigerians queued at an Automated Teller Machines (ATM) in Lagos on Friday morning to get hold of the redesigned new naira notes.

In an email on Friday, First Bank said; “In line with our drive to always put You First, our branches nationwide will be open this Saturday, 28 January 2023 and Sunday, 29 January 2023to receive your old Naira notes from 10 am – 2 pm. There will be no charges for cash returned/paid into your accounts.

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“All old Naira notes of series N200, N500 and N1000 will cease to be accepted as legal tenders from January 31, 2023.”

On its part, Ecobank Nigeria said; “This is to notify you that our branches will be open this Saturday and Sunday for your cash deposit only. Time: 10.00 am to 3.00 pm.

“The old N200, N500 and N1000 notes will cease to be legal tender Tuesday, January 31st, 2023.”

Global Financial Digest reports on Friday that the e-commerce firm, Jumia on Friday advised its customers that it will not collect the old naira notes by Monday.

“From Monday 30th January 2023, Jumia Delivery Associates will not be able to accept the old notes of N200, N500, N1,000 sequel to the directive by the Central Bank of Nigeria (CBN).

“Should you wish to pay by cash, our delivery associates will only accept the new series of notes. Alternatively, you can find details … on how to prepay on Jumia using JumiaPay or call us on 01 888 1106 if there are any further questions.

Reports across the country showed that some outlets have started rejecting the old naira notes from customers against the backdrop of the CBN sticking to its gun that it would not extend the deadline for the withdrawal of the oil notes by January 31.

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