Extend Deadline For Mutilated Notes Return, Group Begs CBN

The Central Bank of Nigeria (CBN) has been urged to extend deadline for the exchange of mutilated naira notes by another four months. The call was made by Consumer Awareness and Financial Enlightenment Initiative (CAFEi) through its president, Otunba ‘Debola Osibogun.

Otunba Osibogun said in Lagos on Sunday that extension of the deadline would give room for more people to key into the intiative.

Said Osibogun: “It is imperative for the CBN to extend the deadline to give room for more people to key into the opportunity to exchange their mutilated notes, especially during the yuletide period”.

She explained that it would enable Deposit Money Banks (DMBs) to deploy further human resources into the sorting exercise which they claimed was quite labourious, noting that the exchange policy started on a slow note because of the inadequate publicity.

She also stated that the policy was gradually gaining traction as “we are seeing more and more people going to the banks to exchange their old mutilated notes”, adding that the CBN should give more time for the policy to be impactful.

The apex bank on August 31 through its Corporate Communications, Mr. Isaac Okoroafor said that the general public would continue to return mutilated bank notes to their banks after the September 2 deadline.

This is contrary to the news making the round that mutilated notes collection would stop after the deadline as Okoroafor said, pointing out that people had been misinterpreting the story to say that the banks would stop collection of mutilated notes after September 2.

Said he: “It is not true, the banks will continue to accept those notes from people.

“The general public should continue to return mutilated bank notes to their banks after the deadline.

“The September 2, 2019, deadline does not apply to bank customers or the general public who will continue to return mutilated notes to the banks.

“It only applies to the banks because free sorting of Naira notes for them will cease at the expiration of that deadline”.

He noted that September 2 was only the deadline after which CBN would begin to charge banks.

Said Okoroafor: “We opened a window fromy June to September, so that when they bring the notes without sorting, we can sort it for them free.

” But as from September 2 , if they get those notes, they need to sort it before they bring it to us.

“The deposit by customers and acceptance by commercial banks of mutilated notes is a normal and continuous banking practice and as such continues even after September 2″.

Recall that the CBN opened a three-month window from June 3 to September 2 for customers across the country to replace old notes with new ones in all the banks.

The apex bank said this was part of its efforts to improve the overall quality of the naira notes in circulation.

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