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CBN To Flood Banks With Old Naira Notes Following NLC Planned Protest


CBN To Flood Banks With Old Naira Notes Following NLC Planned Protest

Punch Newspaper

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).

Sources at the meeting said the CBN would also be cancelling all the controversial cash withdrawal limits it put in place in recent months.

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.“

“We have decided to take our destiny into our hands. So, comrades, the mobilisation commences immediately and when we talk of action from Wednesday, it’s total; until further notice.’’

The labour leader explained that the lingering fuel scarcity and cash crunch were important issues for the NLC as they affected every Nigerian.

The Secretary-General of the National Union of Aviation Transport Employees, Ocheme Abah disclosed that the unions would comply with the NLC’s directive on the picketing action.

Responding to inquiries from The PUNCH, he said,” Yes, of course, we will comply as NLC directed. Yes, all the unions in all airports.

Meanwhile, the acting Director of Corporate Communications at CBN, Dr Isa Abdulmumin, said he could not immediately comment on whether the CBN would be releasing the old notes to commercial banks.

He said the apex bank would communicate its position on the matter on Thursday.

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