The Central Bank of Nigeria has directed commercial banks in the country to work on Saturdays till January 31, 2023, to ease the transition of the new Naira redesign.

The CBN Director, Corporate Communications Department, Osita Nwasinobi disclosed this on Thursday in Ilorin, Kwara State capital, at the CBN fair with the team, “Promoting financial stability and ecomomic 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 CBN.

“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,” he said.

Meanwhile, the CBN warned Nigerians of the consequences of mishandling naira notes, saying, “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.”