The Central Bank of Nigeria has told commercial banks to begin recollection of old naira notes that were deposited into it earlier.
It hence called on the headquarters of commercial banks to recollect the old notes they returned to the Central Bank for recirculation.
The development was to ease the pending naira scarcity across the nation.
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According to CBN, the process would flood the banks with more old N1000 and N500 notes.
A source from the bank told the Nation Newspaper, saying:
“Banks have been instructed to collect the old naira notes they deposited in the CBN. Before the end of the week, the country would be awash with naira notes.”
This follows after the Nigerian Labour Congress ordered its members to stage a protest in all branches of the apex beginning next week.
Meanwhile, it was learnt that the old naira notes may be returned to branches of the banks today, March 23.
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