January 27, 2023



Naira redesign: UBA, Entry Financial institution, others alter official working hours

As a part of an effort to assist the Central Financial institution of Nigeria (CBN) mop up Naira notes from the financial system, and likewise assist Nigerians meet the January 31, 2023 deadline for outdated Naira notes in circulation, some industrial banks have introduced adjustments in hours of operation to accommodate extra depositors.

In a separate electronic mail to their prospects and on social media posts, the banks revealed that the choice is to assist prospects beat the deadline of January 31 set by the CBN.

Entry financial institution, in a notification titled we’re open on Saturday, stated: “In an effort to beat the brand new Naira notes deadline of January 31, 2022, our branches shall be open for longer hours in the course of the week in your comfort, and they’re going to even be open on Saturdays, from 10:00 am to 2:00 pm for money deposits solely”.

Different banks have additionally shared related messages with their prospects. Governor of the CBN, Godwin Emefiele had on October 26, introduced a redesign of the foreign money within the variation of N200, N500 and N1,000.

Emefiele had stated there was vital hoarding of naira notes by members of the general public, with statistics exhibiting that over 80 per cent of the foreign money in circulation was exterior the vaults of the industrial banks.

He stated as of September 2022, a complete of N3.2 trillion was in circulation, of which N2.73 trillion was exterior the vaults of the banks, describing the event as unacceptable.

Emefiele defined that the brand new and present notes would stay authorized tender and flow into collectively till January 31, 2023, when the present currencies shall stop to be authorized tender.

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