Naira Redesign: Ecobank Offers Customers 8% Interest On Savings For Old Notes Deposit

Ecobank Nigeria, on Monday urged customers to take advantage of the Naira redesigning and distribution to deposit old notes into their accounts, and avoid last minute rush.

A statement by the bank announced an offer of 8% minimum interest on saving to its customers, ahead of the Central Bank of Nigeria (CBN)’s January 31, 2023 deadline, assuring that measures are in place in all its branches to ensure seamless, easy and stress-free cash deposit by customers, adding that the bank’s branches are now open for business on Saturdays to accept deposits from customers.

The CBN had explained that the naira redesign policy is to control currency in circulation, address the hoarding of the banknotes outside the banking system and also address shortage of clean and fit banknotes in circulation.

Responding to media questions in Lagos, Dr. David Isiavwe, Group Head, Operations & Technology, assured that there are no charges on cash deposit at any Ecobank branch, no matter the volume. He assured customers of prompt services any day of the week and on Saturdays when the branches are also opened to receive cash.

“We wish to inform our customers not to wait for rush hour to bring their cash to the bank. They should visit any of our branches closest to them to deposit their cash in their account.

“We have extended our working days to Saturday to enable customers deposit cash. Though we are impressed with the present turn out of customers, there is still the need for others to comply. We don’t want any of our customers to miss the CBN’s deadline,” he stressed.

The statement recalled that the CBN on December 15 introduced new N200, N500 and N1000 banknotes into the nation’s financial system.

The apex bank stated that the old banknotes would cease to be legal tender in the country from January 31, 2023.