CBN Set To Release Old Naira Notes In Enough Circulation

The Central Bank of Nigeria (CBN) has decided to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks (DMBs) 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.

The CBN Governor, Godwin Emefiele, had directed DMBs to begin the disbursement of old N1,000, N500 and N200 notes to members of the public effective Thursday.

The CBN would also start releasing old notes to commercial banks from Thursday.

Bank customers would no longer be required to generate any code before depositing their old notes. The CBN is expected to release a circular to this effect later tonight or tomorrow morning (today).