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Banking & Finance Business

Ahead Release Of Redesigned Naira Notes: UBA Begins Saturday Banking Hours

The United Bank for Africa (UBA) has announced that its banks across the country would now be opening for business on Saturdays.

According to the bank in a message sent to all its numerous customers, the UBA says the banking halls will be open for cash deposit transactions only from 10am to 2pm every Saturday.

The directive of UBA may not be unconnected with the plan of the Central Bank of Nigeria (CBN) to release re-designed Naira notes by December 15, 2022, while existing notes would seize to be regarded as legal tender by January 31, 2023.

The CBN also directed all Nigerians to begin to deposit the old notes as soon as possible to gradually phase out of the notes.

The Governor of the CBN, Godwin Emefiole said Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.

Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.

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