CBN’s 3-month window for withdrawal mutilated naira notes closes September 2


Bad Naira: These notes Nigerian banks pay.

The three-month window opened by Central Bank of Nigeria (CBN) for customers across the country to replace their mutilated naira notes with new ones across all banks in the country closes on September 2, 2019.

The new order, which was handed down on June 3, is as a result of the apex bank’s resolve to finally replace mutilated, old naira notes in Nigeria, after the failure of banks to heed previous directives.

The DEFENDER had repeatedly complained in some of its editorial comments in the past against the shameful display of dirty and mutilated, particularly N100 and N200, notes in circulation and called for a mop-up exercise and replacement.

Not too long, the CBN took steps by releasing new notes and later giving the three months grace for withdrawal of such notes.

Director, Corporate Communications, CBN, Isaac Okoroafor, disclosed the decision in Lagos, on June 3, at a CBN sensitisation session with stakeholders in the Southwest, including labour unions, on the direction of the economy.

Okoroafor said CBN had set up departments to listen to customers’ complaints if banks refused to heed the order, adding that the move became imperative due to infractions noticed from some banks in the way new notes are being handled.

He said CBN had been replacing lower denominations across the country by going through the local markets and transport unions instead of the banks, because of the approach of some banks to the issue.

The DEFENDER reports that the period given for Nigerian handlers in possession of such mutilated and old naira notes expires on September 2 after which they will not be accepted by any bank.

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