Naira Redesign: UBA to Open on Saturdays for Deposits

The United Bank for Africa (UBA) says it would begin operations on Saturdays for cash deposits.

The Bank disclosed this in an email sent to customers on Friday.

The financial institution said all its branches will be open on Saturdays from 10am to 2pm for cash deposits only.

“Following the CBN announcement on the introduction of new naira notes, we are now open on Saturdays, from 10:00 am to 2:00 pm for cash deposits only,” the email reads.

On Wednesday, the Central Bank of Nigeria (CBN) announced that some new naira notes have been redesigned.

Godwin Emefiele, CBN governor, said the new design and issues will be effective from mid-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”.