The Central Bank of Nigeria (CBN) has suspended the operations of bank charges on cash deposits immediately.
The apex bank on Wednesday October 26 stated that this is to allow the return of all naira notes in circulation.
The bank hinged the decision on the need to redesign naira notes amidst some challenges.
The naira notes to be redesigned are N1000, N500, and N200.
CBN Governor, Godwin Emefiele, declared that the new naira notes would come into effect on December 15, 2022.
At present, cash deposits beyond certain amount attracts extra charges on account beneficiaries.
On the suspension of bank charges, Emefiele said: “For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.”
The Governor directed the banks to start taking in the old notes.
He said: “The CBN directed all Deposit Money Banks currently holding the existing denominations of the currency to start returning these notes back to the CBN effective immediately.
“The newly designed currency will be released to the banks in the order of First-come-First-serve basis.
“Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
“Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.”
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