Naira Notes Deadline: Industrial Banks Lengthen Workdays to Weekends

Industrial banks in Nigeria have prolonged their workdays to weekends for patrons to deposit their previous naira notes.

The motion is in response to the deadline set for the gathering of previous naira notes by the Central Financial institution of Nigeria (CBN) governor Godwin Emefiele.

With Emefiele and the CBN unwilling to increase the Tuesday, January 31 useless, many worry that over 50 per cent of Nigeria’s unbanked inhabitants could lose their money financial savings following CBN’s requirement that previous notes might solely be exchanged via an present checking account.

First Financial institution of Nigeria, Warranty Belief Financial institution, and plenty of others have all notified their clients to go to their branches on Saturday and Sunday to deposit their previous Naira notes.

“That is to inform most people that our branches shall be open Saturday and Sunday simply to obtain money,” one of many banks stated in an announcement just like what different monetary establishments additionally despatched to their clients.

“All previous notes of collection 200, 500 and 1000 will stop to be in use from the thirty first of January.”

Amid a public outcry and protest over the gradual low circulation of the redesigned 200, 500, 1000 notes, CBN insists that won’t not lengthen the Tuesday, January 31 deadline to section out the previous notes.