Old naira notes: We’ll open on Saturday, Sunday for cash deposit – First Bank

By Bukola Hameed

First Bank of Nigeria Limited has announced that its branches will open on Saturday and Sunday for cash deposit of old naira notes of N200, N500 and N1000.

The bank in a notification to Nigerians on Friday said, “This is to notify the general public that all our branches will be open on Saturday and Sunday just to receive cash.

“All old Naira notes of series N200, N500, and Nl1000 will cease to be in use from the 31st of January.”

Recall that Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), had on Tuesday, maintained that there was no going back on the January 31st deadline for phasing out old naira notes.

The House of Representatives and the Senate in separate resolutions on Tuesday asked the CBN to extend the deadline till 31 July.
The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli (APC, Katsina) during plenary.

Moving the motion, Mr Soli said banking and other financial institutions are struggling to cope with the rush by citizens to change their old currencies to new notes. He said the shortage of new notes is creating panic.

“Despite several concerns and appeals by the National Assembly, the Governors Forum, the Bank Customers Association of Nigeria, and a host of other stakeholders in the country for the CBN to extend the period for the currency swap of the new Naira n notes as well as review of the cashless policy, the CBN has remained adamant on the given deadline,” he said.