Naira redesign: Ecobank offers 8% interest to customers on old note Savings

Ecobank Nigeria has again called on its customers to approach any of its branches to deposit old naira banknotes into their accounts to avoid last minute rush, also assuring them of gaining a minimum of 8 per cent interest on their saving.

This is against the backdrop of Central Bank of Nigeria (CBN)’s January 31, 2023, deadline for the exchange of old Naira notes.

In a message to customers, the bank noted 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.

Responding to media questions in Lagos, Dr. David Isiavwe, Group Head, Operations & Technology, said 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.

“It would be recalled that the Federal Government on December 15 introduced new 200, 500 and 1000 banknotes into the nation’s financial system.”

The CBN said 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.

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