Nigeria: Customers Can Exchange Mutilated Bank Notes After Deadline, Says CBN

2 September 2019

The Central Bank of Nigeria (CBN) has said members of the public can continue to return mutilated bank notes to their banks after the September 2 deadline.

The Director, CBN Corporate Communications, Mr Isaac Okoroafor disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos. NAN reported that this was contrary to the news making rounds that mutilated notes collection would stop after the deadline. Okoroafor said people had been misinterpreting the story to say that the banks would stop collection of mutilated notes after September 2.

"It is not true, the banks will continue to accept those notes from people. The general public should continue to return mutilated bank notes to their banks after the deadline.

"The September 2, 2019, deadline does not apply to bank customers or the general public who will continue to return mutilated notes to the banks.

"It only applies to the banks because free sorting of Naira notes for them will cease at the expiration of that deadline," Okoroafor said.

He explained that September 2 was only the deadline after which CBN would begin to charge banks.

Okoroafor said, "we opened a window from June to September, so that when they bring the notes without sorting, we can sort it for them free.

"But as from September 2, if they get those notes, they need to sort it before they bring it to us. The deposit by customers and acceptance by commercial banks of mutilated notes is a normal and continuous banking practice and as such continues even after September 2. "Anyone whose qualifying mutilated note is rejected by any bank should report such a bank to CBN by calling 07002255226 between 9am and 4pm daily," he said.

See What Everyone is Watching

More From: This Day

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.