BREAKING: CBN Orders Banks to Make Old Naira Notes Available

The Central Bank of Nigeria (CBN) has instructed commercial banks in the country to retrieve old naira notes they deposited in its branches and make same available to Nigerians.

The order Daily Report Nigeria learnt is to ease the continued cash crunch across the country.

Recall that the apex bank had mopped up the old N1, 000, N500 and N200 notes in fulfilment of the new naira policy of the government and introduction of new naira notes.

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The new order is coming weeks after the CBN governor, Godwin Emefiele had claimed that all old notes were destroyed following their deposition.

Emefiele made the claim at the height of numerous calls and agitations from Nigerians on the apex bank to go easy on the implementation of the new policy.

Even though the Supreme Court had in a judgment on March 3, directed for old and new naira notes to coexist till December 31, the currency continued to be in short supply.

Also, the Nigerian Labour Congress (NLC) had issued the apex bank a 7-day ultimatum to make the notes available and even that appeared to have fell on deaf ears.

The NLC on Wednesday, directed its members nationwide to protest at branches of the apex bank across the country against the continued cash crunch.

However, credible sources at the CBN Daily Trust that commercial banks have been directed to withdraw old notes they kept at the apex bank.

While the source did not mention how much the banks are allowed o withdraw from what they deposited, it noted that said the plan was to make “enough funds” available before the end of the week to stimulate the economy.

“The CBN said banks have been instructed to collect the old naira notes they deposited and that before the end of the week, the country would be awash with naira notes,” he said.

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CBN Orders Banks to Collect Old Naira Notes

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