CBN gives banks 3 months to return mutilated naira notes

Naira weakens to N425 against dollar at black market

The Central Bank of Nigeria (CBN) on Saturday said it has given Deposit Money Banks from June 3rd to September 2nd to return all mutilated naira notes at their disposal fir re-issue.

Isaac Okorafor, director corporate communications department disclosed this in Lagos at an interactive session with stakeholders at the weekend.

The regulator had since last year been engaging with banks to withdraw the mutilated currency notes in circulation for destruction.

“We are telling customers including labour to return all the dirty notes to their banks and the banks will bring those notes to us for re-issue and that if any bank is refusing to take those notes, they should call us and we will take action on that”, Okorafor said.
He explained that the meeting with the leaders of the organised labour is part of the CBN’s communication campaign to constantly engage with most important group in the country who have stakes in the economy.

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Here we have met with organised labour from the south west. Last week we were in Owerri or South South and. South East. We have engaged them on the entire gamut of CBN activities, what its duties are, what we have tried to do in the last five years and what we are going to do in the next five years, and to also get feedback from them that will form part of our programme for the next five years”.

The leaders of the organised labour expressed support for the CBN going forward because they are satisfied with what CBN has achieved in the last five years.

“We should partner with the CBN as organised labour to realize its vision in developmental finance and other policies”, Issa Aremu, Vice President industrial trade union said.

Hope Moses-Ashike

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ByHope Moses-Ashike

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.