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Thu, Apr

CBN Begins Distribution Of Old Naira Notes To Banks

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The Central Bank of Nigeria on Thursday began the disbursement of old naira notes to Deposit Money Banks as government authorities stepped up efforts to end the ravaging currency scarcity that has inflicted agony on millions of Nigerians nationwide. The apex bank had directed banks to pick the old N1,000, N500, and N200 notes across its offices nationwide for disbursements to customers.

According to reports, the move follows a meeting between the CBN Governor, Godwin Emefiele, and bank CEOs on Wednesday, Mach 22, 2023.

It was also that the commercial banks received the old naira notes nationwide from CBN offices on Thursday, March 23, 2023.

The report also quotes multiple bank CEOs and top executives of banks who confirmed the release of the old notes.

“The CBN has started giving us old notes. However, it will take some time for the currency to circulate,” a source said.