Reject old naira notes from banks, CBN tells Nigerians

The Deputy Director, of Currency Operation, Dr Rekiyat Yusuf, disclosed this in Lokoja, Kogi State, on Thursday during the sensitisation of market men and women about the redesigned naira notes.

She said appropriate sanctions would be applied against any erring banks found dispensing old notes to customers.

The CBN, therefore, directed customers to report any bank still dispensing old notes either over the counter or through the Automated Teller Machine to the apex bank.

Yusuf further urged traders to avail themselves of the window provided by the January 31st deadline by visiting banks to exchange the old notes with the new ones.

She said, “There is no reason for banks to still be stocking their Automated Teller Machines with old notes as the Central Bank has made enough redesigned notes available for dispensing to members of the public. Any bank caught would be made to face appropriate sanction.

“If banks give you old notes, reject them and return them to the banks and report the banks to us immediately for appropriate action. We have given them enough new currency notes to dispense to replace the old ones in circulation.

“Take your old naira notes in your possession to the bank, and deposit it without any charges attached. CBN has directed commercial banks not to charge anything on such deposits. By 31st January, these present naira notes will not be accepted for buying and selling in this country.”

Yusuf gave the reasons for redesigning the notes, including curbing terrorism, kidnapping for ransom, and endemic corruption in society, adding that the action would control inflation.