Bank customers can return mutilated notes after today- CBN

Philip Clement

The Central Bank of Nigeria (CBN) says the general public should continue to return mutilated banknotes to their banks after the September 2 deadline, which does not apply to customers.

CBN’s Director of Corporate Communications, Isaac Okoroafor, made this known over the weekend, explaining that it is not true that the banks would stop the collection of mutilated notes after today, September 2, 2019.

“It is not true; the banks will continue to accept those notes from people, and the general public should continue to return mutilated banknotes to their banks after the deadline.

According to him, 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 of the free sorting of Naira notes for them will cease at the expiration of that deadline”, he said.

He added that September 2 was only the deadline after which CBN would begin to charge banks.

“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”, Okoroafor added.

The CBN had opened a three-month window to replace old notes with new ones to improve the overall quality of the naira notes in circulation.