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CBN Suspends Bank Charges On Cash Deposit To Mop Up Old Naira Notes


The Central Bank of Nigeria (CBN) has said it suspended bank charges for cash deposits with immediate effect to enable it to transit from existing naira notes to new notes.

The apex bank directed Deposit Money Banks to ensure that no bank customer bears any charges for cash returned or paid into their accounts.

Godwin Emefiele, governor of the CBN said this on Wednesday in Abuja while addressing journalists on the Issuance of New Naira Banknotes.

He enjoined customers of banks to begin paying into their bank accounts the existing currency to enable them to withdraw the new banknotes once circulation begins in mid-December 2022.

“All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers,” he said.

According to the CBN Governor, the present notes remain legal tender and should not be rejected as a means of exchange for the purchase of goods and services, and the CBN would continue to monitor both the financial system, and the economy, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.

He said that the Management of the CBN obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

He said the CBN has finalised arrangements for the new currency to begin circulation on December 15, 2022.

“The new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.

“Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First- serve basis,” he added.

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