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.

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