Banks Send Messages to Customers As Deadline Nears to Return Old Notes, Offer 8% Interest on Savings

• Nigerian banks have sent out messages to customers as the deadline for returning old naira notes near
• Ecobank went even further, increasing the amount of interest a customer will get on their savings
• The Federal Government through the CBN, on December 15, 2022, introduced new 200, 500 and 1000 banknotes

Commercial Banks have been calling on their customers to bring their old notes to the banks.

This is as the deadline for depositing old notes into the banking system approaches.

According to the banks, it will help to avoid a last-minute rush.

The Central Bank of Nigeria (CBN) has January 31, 2023, as the deadline for the exchange of old naira notes

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Ecobank message to customers

Ecobank Nigeria in an email to customers to visit any of its branches to deposit old naira banknotes into their accounts to avoid a last-minute rush,

The bank also assured the customers of gaining a minimum of eight percent interest on their savings.

Ecobank also noted that measures are in place in all its branches to ensure seamless, easy and stress-free cash deposits by customers, adding that the bank’s branches are now open for business on Saturdays to accept deposits from customers.

David Isiavwe, group head, of operations and technology, Ecobank also told journalist that there are no charges on cash deposits at any Ecobank branch, no matter the volume.

He assured customers of prompt services any day of the week and on Saturdays when the branches are also open to receiving cash.

Isiavwe said:

“We wish to inform our customers not to wait for rush hour to bring their cash to the bank. They should visit any of our branches closest to them to deposit their cash in their account. We have extended our working days to Saturday to enable customers deposit cash.

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"Though we are impressed with the present turn out of customers, there is still the need for others to comply. We don’t want any of our customers to miss the CBN’s deadline.”

First bank

First banks have also sebt out message encouraging their customers to bring their money.

The message from First Bank reads:

“Have you been busy all week long and can’t visit any of our branches? Don’t worry, come in this Saturday from 10 am – 1 pm and get a debit card while you deposit your old naira notes; there will be no charges for cash returned/paid into your accounts."

German embassy releases update on naira payment for visa

Meanwhile, in another report, the German embassy in Nigeria has announced changes in the use of naira to pay for its services.

The change is in consonance with the Central Bank of Nigeria naira notes redesigning policy.

The CBN redesigned 200, 500, and 1000 and expects Nigerians to return all old banknotes by the end of January 2023.

Source: Legit.ng