Would you like to receive notifications on latest updates of the following headlines?

Naira Crunch: Old Notes Are Released To Commercial Banks By The Cbn

POSTED ON March 22, 2023 •   Uncategorized      BY Akinbohun Samuel

All notes valued at N1,000, N500, and N200 that are now in the custody of the Central Bank of Nigeria (CBN) would be given to deposit money banks.

The country's top bank has decided how old notes will be distributed to deposit money banks starting on Thursday. (today).

The two-month Naira shortage in Nigeria would come to an end as a result of the event.

Following the difficulties brought on by the bank's naira redesign program, the Nigeria Labour Congress, NLC planned a statewide strike and staged rallies inside CBN buildings.

After the Supreme Court ruled that old N1,000, N500, and N200 notes should continue to be valid until December 31, 2023, the CBN made its most recent decision a few weeks later.

Prof. Godwin Oyedokun, an economist and lecturer at Lead City University in Ibadan, has stated that the CBN is willing to provide funds to commercial banks following the general elections.

In his explanation, he stated that the CBN will start distributing the new and old notes as soon as the voting was over. From N3.9 trillion in money in circulation in October of last year, the CBN reportedly collected N2.3 trillion at the end of February.

READ ALSO
Eno enhances healthcare with N200m contribution to UUTH
BY Abiodun Saheed Omodara February 16, 2025 0

In an effort to enhance healthcare services, the Governor of Akwa Ibom State, Pastor Umo Eno, has co...

READ ALSO
Ododo Reorganizes the Tourism Board, Kogi Hotels
BY Ebiakuboere England December 3, 2024 0

KOGI- Kogi State Governor Alhaji Ahmed Ododo has appointed former Kogi Hotels and Tourism Board Chai...

READ ALSO
Rivers Varsity Suspends Four Students For Assault
BY Benedicta Bassey June 16, 2024 0

The Rivers State University, Nkpolu-Oroworukwo, Port Harcourt has suspended four of its students con...

READ ALSO
French Embassy Unveils Waste Management Project Worth €753,000 in Varsities
BY Benedicta Bassey June 14, 2024 0

The French Embassy, via the Cooperation and Cultural Department, has launched a plastic waste manage...

READ ALSO
ATBU Enhances Research Capacity For Lecturers
BY Benedicta Bassey June 14, 2024 0

The management of the Abubakar Tafawa Balewa University, Bauchi, has enhanced research capabilities...

READ ALSO
Russia Dismisses Claim of Recruiting Nigerian Students For Ukranian War
BY Benedicta Bassey June 13, 2024 0

The Russian Embassy in Nigeria has debunked the claims of recruiting African students, particularly...

READ ALSO
Soludo Warns Tinubu Against Accepting Unsustainable Minimum Wage
BY Benedicta Bassey June 13, 2024 0

Anambra State Governor Charles Soludo on Thursday warned President Bola Tinubu against approving &ld...

READ ALSO
Obi Cubana Lauds Burna Boy For Settling Patients' Hospital Bills
BY Ebiakuboere England June 12, 2024 0

Award-winning Nigerian music star Damini Ogulu, also known as Burna Boy, has been praised by million...

OUR CHANNELS:

Obama’s Debunk Report on Divorce
BY Abiodun Saheed Omodara July 18, 2025 0

Former U.S. President Barack Obama and his wife, Michelle, have put to rest rumors regarding their m...


Bayelsa Govt. Cautions Principal Officers on Pension Delay
BY Abiodun Saheed Omodara July 18, 2025 0

The Bayelsa State Government has cautioned principal officers of local government councils to avoid...


NLC Decries Nigeria's Poor Labor Rights Record as National Disgrace
BY Abiodun Saheed Omodara July 18, 2025 0

The Nigeria Labour Congress (NLC) has expressed its worries about the nation's inadequate performanc...


Israeli Strike Hits Catholic Church in Gaza, Killing Two Civilians
BY Abiodun Saheed Omodara July 18, 2025 0

An Israeli airstrike on Gaza's sole Catholic Church resulted in the deaths of two individuals on Thu...


SSC Napoli Completes €25 Million Deal for Noa Lang from PSV
BY Abiodun Saheed Omodara July 17, 2025 0

Serie A champions Napoli confirmed on Thursday that they have signed Dutch forward Noa Lang from PSV...


Civil Defence Board Temporarily Closes Recruitment Portal for System Enhancements
BY Abiodun Saheed Omodara July 17, 2025 0

The Civil Defence, Correctional, Fire and Immigration Services Board has temporarily closed its recr...


Nigeria Should Aim for 60,000 Megawatts of Power Generation- Dangote
BY Abiodun Saheed Omodara July 18, 2025 0

President of the Dangote Group, Alhaji Aliko Dangote, argues that Nigeria's low electricity generati...


FG Denies Emergence of New Terrorist Groups Amid Turkish Warnings
BY Abiodun Saheed Omodara July 17, 2025 0

The Federal Government On Wednesday, stated that no new terrorist groups have emerged in the country...


151 Senior Police Officers Face Misconduct Hearings- NPF
BY Abiodun Saheed Omodara July 18, 2025 0

The Nigeria Police Force has revealed that 151 senior officers are currently undergoing proceedings...


CPC Loyalists Face Uncertain Future Amid Buhari's Death, Tinubu's Leadership
BY Abiodun Saheed Omodara July 18, 2025 0

The passing of former President Muhammadu Buhari has sparked renewed speculation regarding the polit...


More Articles

Load more...

Menu