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First Bank, GTBank open Saturday, Sunday to collect old naira notes

FIRST Bank of Nigeria Limited and Guaranty Trust Bank (GTBank) say their branches across the country will be open on Saturday and Sunday to receive old N200, N500, and N1,000 notes.

First Bank and GTBank made this known via a notice to their customers today.

“This is to notify the general public that all our branches will be open on Saturday and Sunday just to receive cash.

“All old naira notes of series 200, 500, and 1,000 will cease to be in use from the 31st of January,” First Bank noted.

A notice by GTBank read: “Dear customer, kindly be reminded that by Tuesday, January 31, 2023, the former naira series of N200, N500, and N1,000 notes will no longer be recognised as legal tender.

“Save time! Avoid the last-minute rush by depositing your old naira notes today at any of our branches.

“Our branches will be open on Saturday, January 28, and Sunday, January 29, 2023, from 10:00 a.m. to 3:00 p.m. to receive your cash deposits only.

“The new naira notes are available for withdrawal at our ATMs.”

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, had said the January 31 deadline to stop the circulation of old naira notes will not be extended.

The CBN Governor stated that the 90-day ultimatum given to Nigerians to deposit their old currencies was enough.

The apex bank had also vowed to fine any commercial bank that failed to pick up its new currency for distribution N1 million daily.

The CBN announced plans to redesign certain N200, N500, and N1,000 notes during its Monetary Policy Committee (MPC) meeting on October 26, 2022.

It later set December 15 as the official start date for the circulation of the new naira notes, which President Muhammadu Buhari unveiled on November 23, 2022.

The CBN recently issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 for individuals and corporate organisations will attract processing fees of five per cent and 10 per cent, respectively.

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Naija Times