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Deadline For Returning Bad Banknotes Applies Only To Banks, Not Customers – CBN Director 

Margaret Solace

The Central Bank of Nigeria (CBN) has said that all damaged banknotes can be returned to banks even after the deadline of September 2, which was earlier stipulated by banks.

This information, aimed at regulating the circulation of bad notes in the country, was passed by Mr. Isaac Okoroafor, the CBN Director of Corporate Communications, while speaking with newsmen in a telephone interview.

Okoroafor made it clear that the said deadline applies only to banks and not bank customers, adding that Nigerian banks will be charged for bad notes at the expiration of the date.

The deadline, according to him, was open for two months for easy and free sorting of the currency notes. At the end of the deadline, banks would have to sort the notes by themselves or be charged by the apex bank, he maintained.

Okoroafor concluded that the people, who take mutilated banknotes to banks, are allowed to report non-complying banks to the CBN by calling 07002255226 between 9am and 4pm daily.