UPDATE: CBN TO FLOOD BANKS WITH OLD NAIRA NOTES
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The Central Bank of Nigeria has finalized arrangements to release all N1,000, N500, and N200 notes in its possession to deposit money banks.
This decision is anticipated to put an end to months of hardships and suffering endured by Nigerians as a result of the CBN’s contentious currency redesign strategy, which has led to a significant shortage of both old and new naira notes throughout the nation.
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.
On Wednesday night, top officials of the CBN and commercial banks revealed that the CBN Governor, Godwin Emefiele, had authorized the DMBs to commence the disbursement of old N1,000, N500, and N200 notes to members of the public effective Thursday (today).
He claims that starting on Thursday, the CBN will also begin issuing old notes to commercial banks.
It was discovered. During a meeting with the DMB’s chief executive officers on Wednesday, Emefiele announced that on Thursday, the central bank will begin accepting applications for its newest round of applicants. (today).
The CBN would also be removing all of the contentious cash withdrawal restrictions it implemented recently, according to sources at the conference.
Also, it was learnt the CBN would start by releasing crisp old notes to DMBS after which the ones deposited by commercial banks will also be released.
Furthermore, the CBN stated at the meeting that bank customers would no longer be required to generate any code before depositing their old notes.
One of the bank CEOs at the meeting, who spoke on condition of anonymity, said, “The CBN governor met with bank CEOs this evening virtually. It was a short meeting that lasted for just about 15 minutes. The governor said all old N1,000, N500 and N200 notes will be released to commercial banks beginning from Thursday. The CBN will start with crisp old notes after which the ones deposited by DMBs will be returned. The plan is to flood the economy with cash and ameliorate the challenges Nigerians have been passing through.“
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