THE Central Bank of Nigeria (CBN) has announced the release of old N1,000, N500, and N200 notes in its custody to Deposit Money Banks to ease the current cash scarcity being experienced in the country.
According to media reports, this information was disclosed by a source at the CBN on Wednesday, March 23, 2023.
According to him, the Apex Bank has concluded plans to disburse old notes to Deposit Money Banks across the country starting from Thursday, March 23, 2023, adding that the development would end the Naira scarcity currently being experienced in the country.
This comes on the heels of the Nigeria Labour Congress (NLC) planned nationwide strike and protests in CBN offices following the hardship created by the bank’s naira redesign policy.
The CBN’s latest decision came several weeks after the Supreme Court ordered that the old N1,000, N500, and N200 notes should remain legal tender until December 31, 2023.
Recall that the CBN had mopped up N2.3 trillion at the end of February 2023 from the N3.9 trillion currency in circulation in October 2022.
DAILY POST.
