Banks Customers Appeal For Extension To Return Old Notes

Posted by Samson Kankan Business News, Latest Headlines Tuesday, November 8th, 2022

(AFRICAN EXAMINER) – The Bank Customers Association of Nigeria, BCAN, has appealed to the Central Bank of Nigeria, CBN, to extend the deadline for returning of the old notes, as the nation gear up for the introduction of new Naira notes and phase out of old ones.

Speaking Monday on the readiness of banks customers for the Naira change, the President of BCAN, Dr. Uju Ogubunka said: “Redesigning Naira, from time to time, and as the need arises, is the responsibility and within the powers of the CBN.

“The reasons adduced by CBN are genuine and are supported by facts we all know. So, we in BCAN have no problem with the intention/plan of CBN. All we demand is that the exercise should be carried out at little or no inconvenience to the banking public and the generality of Nigerians. BCAN members will cooperate.

“However, the time frame for the exercise should be scrutinized to ensure it is adequate.

“All those who will render services in the implementation should consider it a serious national assignment and thus be very, very dutiful.

“CBN should try to foresee likely challenges that may arise and create response options. There is hardly any doubt that it will be successful.”

Bank customers have expressed mixed concerns as the Central Bank of Nigeria, CBN, moves on with redesigning of the N200, N500 and N1,000 notes.

While some welcomed the development noting that it would help mop up cash and other problems associated with the naira, others kicked against the policy saying that it would not solve the numerous problems in the economy.