After Monday, You Can Return Your Mutilated Bank Notes -CBN

Central Bank of Nigeria (CBN) says you can return your bad or mutilated bank notes to your various banks beyond the deadline. This is contrary to information in the public space saying that after Monday, such notes will no longer be accepted.

The CBN has now come out to state that banks would continue to accept the bad notes from people as part of its efforts to improve the overall quality of the naira notes in circulation.

The Director, CBN Corporate Communications, Isaac Okoroafor, in a telephone interview with the News Agency of Nigeria in Lagos on Saturday, said the apex bank’s position was contrary to reports that the collection of mutilated notes would stop after the deadline.

Asked about the deadline, he said, “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 explained further that September 2 was the deadline after which the CBN would begin to charge banks for the bad notes.

He 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 them before they bring them to us.

“The deposit of mutilated notes by customers and acceptance by commercial banks 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 the CBN by calling 07002255226 between 9am and 4pm daily.”

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