Mutilated Notes: CBN Says Customers Will Not Pay For Returning Bad Ones - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 4
September 2, 2019
The Central Bank of Nigeria, CBN has said that customers ofbanks would not be charged any fee for returning mutilated naira notes afterthe September 2nd deadline.
The CBN Director, Corporate Communications Department, IsaacOkorafor explained that the June to September window given by the CBN, was forbanks to bring their mutilated naira notes to the Apex Bank without sorting,adding that this would be sorted out by the Bank for free.
He noted that at the expiry of the deadline, any bankbringing mutilated naira notes to the CBN without sorting would pay a fee.
Okorafor said the fee to be paid by banks to the CBN forsorting of naira notes was part of their operating cost.
He called on customers of banks to continue to return theirmutilated naira notes to the banks even after the deadline, as it was acontinuous process.