Naira saga: CBN releases old notes to commercial banks
The N1,000, N500, and N200 notes that are now in the custody of Deposit Money Banks will all be released by the Central Bank of Nigeria (CBN).
This information was released on Wednesday by a CBN source.
He claims that the central bank has decided to begin distributing old notes to deposit money banks nationwide on Thursday (today).
He stated that the two-month Naira shortage in Nigeria would come to an end as a result of the event.
After the difficulties brought on by the bank’s naira redesign programme, the Nigeria Labour Congress, NLC, planned a statewide strike and staged rallies inside CBN buildings.
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After the Supreme Court ruled that old N1,000, N500, and N200 notes should continue to be valid until December 31, 2023, the CBN made its most recent decision a few weeks later.
Economic expert, a lecturer at Lead City University, Ibadan, Prof Godwin Oyedokun, has said that the CBN is willing to release cash to commercial banks after the general elections.
He explained that since the polls were over, the CBN would begin the disbursement of the new and old notes.
It was reported that the CBN mopped up N2.3 trillion at the end of February from N3.9 trillion currency in circulation in October last year.
Naira saga: CBN releases old notes to commercial banks
