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.