Home / News / Breaking News / Customers May Return Mutilated Notes To Banks Beyond Sept.2 – CBN
mutilated naira notes
naira notes

Customers May Return Mutilated Notes To Banks Beyond Sept.2 – CBN

The Central Bank of Nigeria (CBN) on Saturday said that the general public would continue to return mutilated bank notes to their banks after the Sept. 2 deadline.

Isaac Okoroafor, the Director, CBN Corporate Communications,said this in a telephone interview with NAN.

Read Also: El-Rufai Is Nobody In Kaduna Politics, Says Shehu Sani

This is contrary to the news making round that mutilated notes collection would stop after the deadline.

Okoroafor said that 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 noted that September 2 was only the deadline after which CBN would begin to charge banks.

Okoroafor said that “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 Sept. 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 Sept. 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.

On banks compliance level to the CBN mutilated notes directive, Okoroafor said that: “I wouldn’t know what the compliance level is now until we ask our currency people.

“But all we know is that they are returning the notes, they have been bringing it in and we have been replacing it with new ones,” he told NAN.

Recall that the CBN had opened a three-month window from June 3 to Sept. 2 for customers across the country to replace old notes with new ones in all the banks.

The apex bank said this was part of its efforts to improve the overall quality of the naira notes in circulation.

About Ademola Aderele

Check Also

Coronavirus: Death Toll In China Hits 722

The death toll from China’s coronavirus outbreak on Saturday soared to 722. With 86 more …

Lost Family Values Responsible For Suicides In Nigeria – Respondents

Policeman Commits Suicide To Avoid Murder Trial

A Police Inspector, Okon Essien, detained at the State Criminal Investigation Department (SCID), Yaba, for …

One comment

  1. Pingback: Newsbreak.ng

Leave a Reply

WhatsApp Newsbreak