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CBN gives banks three months to withdraw mutilated notes

The Central Bank of Nigeria (CBN), has opened a three-month window from June 3 to September 2, for customers across the country to replace their mutilated naira notes with new ones across all banks.
 
The new order is as a result of its resolve to finally replace mutilated, old naira notes in Nigeria, after the failure of banks to heed previous directives.
 
Director, Corporate Communications, CBN, Isaac Okoroafor, disclosed this over the weekend in Lagos, at a CBN sensitisation session with stakeholders in the Southwest, including labour unions, on the direction of the economy.

Okoroafor said CBN has set up departments to listen to customers’ complaints if banks refused to heed the order, adding that the move became imperative due to infractions noticed from some banks in the way new notes are being handled.
 
He said CBN has been replacing lower denominations across the country by going through the local markets and transport unions instead of the banks, because of the approach of some banks to the issue.
 
He said the cashless policy, which was stopped due to infrastructure deficits will soon return, as telecommunication firms have been empowered to become Payment Service Banks (PSB)