CBN To Flood Banks With Old Naira Notes

The Central Bank of Nigeria made it known that it will flood all Deposit Money Banks with the old N200, N500, and N1000 naira notes.

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 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).

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