The CBN Has Promised, Set Date For The Release Of Old Notes In Its Custody To Commercial Banks

 

The Central Bank of Nigeria (CBN) has concluded plans to issue all N1,000, N500 and N200 banknotes in its custody to commercial banks.

The decision will expectedly end months of cash crisis and pains experienced by Nigerians due to the bank’s naria redesign and cashless policies.

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The CBN’s decision came weeks after the supreme court ordered the bank to reissue the old banknotes and allow them to remain legal tender until December 31, 2023.

Sources report that top officials of CBN and commercial banks confirmed that Godwin Emefiele, the CBN Governor, had directed commercial banks to begin issuing the old naira notes.

The report said CBN would release old notes to commercial banks on Thursday, March 23, 2023.

Sources showed that the CBN boss met with CEO’s of commercial banks on Wednesday, March 22, 2023 and told them that the apex bank (CBN) would begin releasing all old notes in its custody to the banks the next day.

Also, at the meeting, CBN said it would cancel all the withdrawal limits it had set up for several months.

CBN will reissue old naira notes to commercial banks, after which the old dispensed by the banks will be released.

Furthermore, bank customers will not be required to generate codes before depositing their old notes.