Jaiz Bank Plc, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. The first ever in Nigeria. Reports state that Jaiz Bank is the only financial institution offering the new naira notes without discrimination.
Jaiz Bank is the only bank that is not selling new Naira notes.
Do you know why?
It's an Islamic bank. pic.twitter.com/AU4k2C8boL
— Ahmed Salami (@ahmed_oris) January 29, 2023
The Central Bank of Nigeria (CBN) on October 26, 2022 announced plans to redesign and distribute new 200-Naira, 500-Naira and 1000-Naira bank notes to replace the existing ones. Godwin Emefiele, Governor of the CBN, informed the country that this exercise has been approved by President Muhammadu Buhari and that the CBN will begin the distribution of the new notes by December 15, 2022, and said notes will be available for withdrawal by the public from commercial banks. The old notes will be used for transactions until January 31, after which only new notes will be legally recognised and used for transactions. The central bank claims it redesigned the naira to head off the nationwide spate of kidnappings, terrorism and other violent crimes.
The new date, according to a statement released on Sunday by Godwin Emefiele, is February 10, 2023. Nigerians can still deposit their old notes with the CBN directly up to February 17, 2023.
Na all of ona wan collect money for Jaiz Bank ATM 😂😂😂 pic.twitter.com/iw0XZQMrHg
— Ridwan Oke (@Ridwanullahii) January 31, 2023
Meanwhile, Nigerians had been complaining about the inability to swap their old notes for the new designs as the January 31 deadline loomed. The new notes are distributed by Jaiz Bank without additional fees. Femi Ogunshola, a bank customer in Abuja, said: “Jaiz has been dispensing new notes since the CBN gave them, I wonder how people are just knowing this. I am even scare now that many are rushing to the bank, let them not affect my monthly profit oo abeg.”
Jaiz Bank and other Islamic banks dispensing the new notes and refusing to sell them to rich people is commendable. Doing the right thing pays always. pic.twitter.com/eFpMNCpJXT
— Spontaneous Sparks (@Herfizou) January 30, 2023
Femi described his prior interaction with the bank. He said further, “Two years ago, I read a story about Jaiz bank and its operation on social media, the following day I went to open an account with the bank. Do you know that Jaiz bank unlike those other banks gives me my monthly profit as and when due. The Bank asked me if I am interested they can do business with my money for six months, 1 year depending on my choice and my profit would be handed over instead of keeping it doing nothing.”
“Then, I took my wife there to open her business account and they told her, everything she needs will be sourced while she get her profit. I have been shouting Jaiz since last year nobody was listening, now the bank time has come,” he added.
Related:
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