Naira Redesign: UBA To Begin Operations on Saturdays For Cash Deposits
According to the United Bank for Africa UBA, Saturdays will be the start of business for cash deposits.
This was revealed by the Bank in an email issued to clients on Friday.
Naira Notes Redesign: President Buhari Has Given Approval In Writings, I Don’t Need To Inform Anyone Else — Emefiele Replies Finance Minster
The lending company announced that all of its locations will only be open on Saturdays from 10 am to 2 pm for cash deposits.
According to the email, “We are now open on Saturdays, from 10:00 am to 2:00 pm for cash deposits only, following the CBN announcement on the introduction of new naira notes.
The redesign of some new naira notes was unveiled by the Central Bank of Nigeria (CBN) on Wednesday.
According to CBN Governor Godwin Emefiele, the new design and issues would take effect in the middle of December 2022.
According to Emefiele, the new notes include N200, N500 and N1000.
He advised Nigerians to take old notes to banks to enable them withdraw the new banknotes once circulation begins.
Speaking on the motivation for the change, the CBN governor explained that the decision was reached due to persisting concerns with the management of the current series of banknotes, and currency in circulation — particularly those outside the banking system in Nigeria.
He also ordered all banks to “keep open their currency processing centers from Monday to Saturday so as to accommodate all the cash that will be returned by their customers”.