CBN gives banks 3 months to withdraw ruined notes

Central Bank of Nigeria
AB9NGK Nigerian Central Bank, Abuja, Nigeria. Image shot 2007. Exact date unknown.

The Central Bank of Nigeria (CBN), has opened a three-month window from June 3 to September 2, for customers across the country to replace their damaged naira notes with new ones across all banks.

Director, Corporate Communications, CBN, Isaac Okoroafor, disclosed this over the weekend in Lagos, at its sensitisation session on the direction of the economy with stakeholders in the Southwest and labour unions.

The new order is coming as a result of the failure of banks heeding to previous directives.

Isaac said CBN has set up departments to listen to customers’ complaints if banks failed to stick to the order, He said the move was necessary in order to combat ways in which some banks are handling the situation.

He stated that through local markets and transport unions , CBN has been replacing lower denomination notes across the country because of the ineffective measures of some banks.

The Director stated that cashless policy has been stopped due to infrastructure deficits in the country but will soon return as telecommunication companies have been empowered to become Payment Service Banks(PSB).

Vice President, Industrial Global Union, Issa Aremu, commended CBN’s initiative in revamping the economy, and also commended the presidency in reappointing the governor.

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