Commercial banks in Nigeria have extended their working hours to weekends in order to allow consumers to deposit outdated naira notes.
The action is in response to the Central Bank of Nigeria (CBN) governor Godwin Emefiele’s deadline for the collecting of outdated naira notes.
With Emefiele and the CBN refusing to extend the Tuesday, January 31 deadline, many fear that more than half of Nigeria’s unbanked populace may lose their cash savings as a result of the CBN’s rule that old notes be exchanged only through an existing bank account.
Customers of First Bank of Nigeria, Guaranty Trust Bank, and other banks have been advised to attend their branches on Saturday and Sunday to deposit their old Naira notes.
“This is to notify the general public that our branches will be open Saturday and Sunday just to receive cash,” one of the banks said in a statement similar to what other financial institutions also sent to their customers.
Customers wary of long queues at ATM’s in Nnewi
“All old notes of series 200, 500 and 1000 will cease to be in use from the 31st of January.”
Amid a public outcry and protest over the slow low circulation of the redesigned 200, 500, 1000 notes, CBN insists that will not not extend the Tuesday, January 31 deadline to phase out the old notes.
Nigeria Governors’ Forum (NGF), Bank Customers Association of Nigeria (BCAN) and a host of other stakeholders have expressed concerns and made appeals for CBN to extend the period for the currency swap as well as review of the cashless policy.
The House of Representatives and the Senate in separate resolutions, on Thursday, asked CBN to extend the deadline by six months till July 31.
However, CBN governor Emefiele insists that Nigerians had enough time to deposit the old notes to collect the new ones despite a shortage in supply for new notes by the banks.
“The reason is because we feel 100 days should be enough for those who have the old currency to deposit the money in the banks. And we took every measure to ensure that all the banks were open to receive all old currencies. 100 days, we believe, is more than adequate.”
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