Naira Redesign: Access Bank Unveils Saturday Banking, Provides Alternative Channels

In response to the Central Bank of Nigeria’s (CBN) announcement to redesign and issue new naira notes from December 15, 2022, one of Nigeria’s leading financial institution, Access Bank, has urged its customers to make use of its alternative channels to deposit their existing naira notes in order to beat the rush pending the circulation of new ones.

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Access Bank stated in a recent message sent to customers via multiple channels on the need to deposit their existing naira notes, reassuring its customers that “there is no need to panic as we are closer to you than you think.”

With over 600 branches, more than 150,000 Access Bank CLOSA agents and deposit ATMs across our branches, and over 500 BETA agents that are present in over 180 major markets in Nigeria to receive cash from customers, we are just a doorstep away.

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Our customers can deposit their existing Naira notes using any of these channels closest to them with ease. Our branches will be open for longer hours during the week for your convenience, and they will also be open on Saturdays from 10 a.m. – 2 p.m. to receive cash deposits.

With the current number of our Access Closa Agents at over 160,000 spread across the 774 Local Government Areas in the country, you can easily deposit your existing naira notes through an agent near you in your location to avoid the risk of transporting cash to a far distance to locate a branch. Please click HERE to find an Access Bank CLOSA agent close to you.

Whether you choose to deposit your existing Naira notes through a branch, an ATM, or a point-of-sale machine (POS), you can rest assured that your money is safe with us and that you can always rely on our speed, service, and security.

During this period of receiving your existing Naira notes, all cash deposit transactions will be free. You will not be charged for cash deposits. You can also pick up your debit cards for emergency payments on POS terminals and ATM withdrawals.

We urge all our esteemed customers to prevent the rush and hurry to deposit their naira notes before the deadline of January 31, 2023, when the current naira notes will cease to be legal tender.

The Central Bank of Nigeria (CBN) two weeks ago said the endgame of the Naira redesign is to rid the system of counterfeited currencies and to mop up a large amount of money currently held outside the banking system. CBN data suggest that N2.73tn of the N3.23tn currency in circulation (about 80% of money in circulation) lies outside commercial banks’ vaults.

Godwin Emefiele, Governor, CBN revealed that the new Naira notes will be in circulation from December 15, after president Muhammadu Buhari launches the new notes, adding that effective January 31, 2023, the old notes will cease to be a legal tender.

He said: “As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great central bank”.

Daily Independent gathered that in recent times, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.