Edited by Ononye VC
The Central Bank of Nigeria has finally concluded plans to release all ₦1,000, ₦500 and ₦200 notes in its custody to deposit money banks, The PUNCH reports authoritatively.
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 ₦1,000, ₦500 and ₦200 notes 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 the old notes to members of the public, effective Thursday last week.
According to him, the CBN will also start releasing old notes to commercial banks from Thursday.
The PUNCH learnt Emefiele met with the chief executive officers of the DMBs on Wednesday evening where he told them that the Central Bank would start releasing all old notes in its custody to commercial banks, effective Thursday.
Sources at the meeting said the CBN would also be cancelling all the controversial cash withdrawal limits it put in place in recent months.
Also, it was learnt the CBN would start by releasing crisp old notes to DMBS after which the ones deposited by commercial banks will also be released.
Furthermore, the CBN stated at the meeting that bank customers would no longer be required to generate any code before depositing their old notes.
One of the bank CEOs at the meeting, who spoke on condition of anonymity, said, “The CBN governor met with bank CEOs this evening virtually. It was a short meeting that lasted for just about 15 minutes. The governor said all old ₦1,000, ₦500 and ₦200 notes will be released to commercial banks beginning from Thursday. The CBN will start with crisp old notes after which the ones deposited by DMBs will be returned. The plan is to flood the economy with cash and ameliorate the challenges Nigerians have been passing through.”