Naira notes: UBA opens Saturdays for deposits only

UBA House

The United Bank for Africa (UBA) Plc has said it will keep its doors open on Saturday for customers to deposit their existing naira notes pending the circulation of new ones in December 2022.

This followed an announcement by the Central Bank of Nigeria (CBN) of plans to push out new N200, N500 and N1,000 notes on December 15.

As a result, UBA has encouraged its customers to deposit the current naira notes to the bank before it becomes banned in January 2023.

“On 26th October 2022, CBN announced the introduction of new Naira notes, which will come into circulation on December 15th 2022, whilst existing Naira notes will remain legal tender until January 2023,” the company’s email to its customers on Thursday read.

Instructing customers, UBA said, “start depositing your existing naira notes into a UBA branch closest to you.

“Don’t panic, we are adjusting our branch opening hours for your convenience. We will open Saturday (Cash deposit only) from 10 am to 2 pm.

“Zero charges will apply for all cash deposits. Have your debit card handy for payments on POS terminals.

“If you do not have a digital channel, please download the New UBA Mobile app from your App Store or access one of our other channels – Leo, Internet Banking, *919 for your transactions.

“Remember, present notes can still be used for the purchase of goods and services until the cut-off date in January.”