CBN TO RELEASE OLD NAIRA NOTES TO BANKS OVER NLC PROTEST

The Central Bank of Nigeria has finally concluded plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks, The PUNCH can report authoritatively.

This decision is expected to end months of hardships and pains Nigerians have been going through following a controversial CBN naira redesign policy that has caused a severe shortage of old and new naira notes across the country.

The CBN’s latest decision came several weeks after the Supreme Court ordered that old N1,000, N500 and N200 notes should remain legal tender until December 31, 2023.

On Wednesday night, top officials of the CBN and commercial banks confirmed to The PUNCH that the CBN Governor, Godwin Emefiele, had directed the DMBs to begin the disbursement of old N1,000, N500 and N200 notes to members of the public effective Thursday (today).

According to him, the CBN will also start releasing old notes to commercial banks from Thursday.

The PUNCH learnt Emefiele met with the chief executive officers of the DMBs on Wednesday evening where he told them that the central bank would start releasing all old notes in its custody to commercial banks effective Thursday (today).