CBN Set to Flood Banks with old Naira Notes
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News source: Punch Newspaper
The Central Bank of Nigeria will release N1,000, N500, and N200 notes to Deposit Money Banks to address the shortage of old and new naira notes that has caused hardship for Nigerians.
The CBN Governor, Godwin Emefiele, directed commercial banks to begin disbursing the old notes to the public on Thursday, and the CBN will also release old notes to banks.
The decision came after the Supreme Court ordered that the old notes remain legal tender until December 31, 2023.
The Central Bank of Nigeria canceled cash withdrawal limits and stated that customers no longer need a code to deposit old notes.
The plan is to flood the economy with cash to alleviate the challenges faced by Nigerians.
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