CBN’s bad notes sorting grace period for banks ends today

THE three months grace period given by the Central Bank of Nigeria (CBN), within which it will sort bank notes for banks has elapsed today, September 2, 2019.

To this effect, the apex banking sector regulator has called on the general public to continue to  return mutilated banknotes to their banks even after the  deadline.

This is contrary to the news making round that mutilated notes collection would stop after the deadline.

The News Agency of Nigeria (NAN) in Lagos reported that the Director, CBN Corporate Communications at CBN, Isaac Okoroafor disclosed this on Saturday in a telephone interview.

Recall that the CBN had 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.

Mr Okoroafor said that people had been misinterpreting the story to say that the banks would stop the collection of mutilated notes after September 2.

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

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

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“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,” Mr Okoroafor said.

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

“We opened a window from 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.

“Anyone whose qualifying mutilated note is rejected by any bank should report such a bank to CBN by calling 07002255226 between 9am and 4pm daily,” he said.

On banks compliance level to the CBN mutilated notes directive, Mr Okoroafor said, “I wouldn’t know what the compliance level is now until we ask our currency people.