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 at the CBN fair in Ilorin, Kwara State capital, CBN Director, Corporate Communications Department, Osita Nwasinobi, said the new and existing notes shall remain legal tender until January 31, 2023, when the existing notes shall cease to be legal tender.
Represented by acting director, Corporate Communications, CBN, Akpama Uket, the director said Deposit Money Banks have been directed to immediately start returning the existing currencies to the CBN.
The CBN had announced plans to redesign the N200, N500, and N1,000 banknotes, and release the new notes by December 15, 2022.
