Naira Redesign: Banks To Employ Tellers, As Customers Beg For More Time

Commercial bank customers under the aegis of the Bank Customers Association of Nigeria, BCAN, have called for an extension of the deadline for returning the old notes.

As part of the apex bank’s efforts to redesign some naira notes, the CBN Governor Godwin Emefiele has announced January 31, 2023, as the deadline for returning the old N200, N500 and N1,000 banknotes.

It’s not clear whether the CBN has any plan to extend the deadline.

But speaking to Vanguard on the readiness of banks customers for the Naira change, the President of BCAN, Dr. Uju Ogubunka said the association supports the apex bank’s decision on the issue.

However, BCAN said the timeline for phasing out the old banknotes is too short for Nigerians to cope, adding that the CBN should expect some challenges ahead.

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 timeframe 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.”

Since the CBN announced that it was facing out the old notes, some commercial banks in the country have extended their services to Saturdays so as to attend to the surging number of customers who want to deposit old banknotes.

Meanwhile, the magazine learned that some commercial banks are planning to employ more bank tellers to help them cope with the number of cash depositors that are likely to storm the banks in the weeks ahead.