The notes (N1,000, N500, and N200) that are now in the custody of Deposit Money Banks will all be released by the Central Bank of Nigeria, or CBN.
This was revealed to the News Agency on Wednesday by a source at the CBN.
He claims that the central bank has decided to begin distributing old notes to deposit money banks nationwide on Thursday (today).
He stated that the two-month Naira shortage in Nigeria would come to an end as a result of the event.
After 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.
He explained that the CBN would start distributing the new and old notes now that the voting had concluded.
According to information provided by our correspondent, the CBN collected N2.3 trillion at the end of February from the N3.9 trillion in circulation in October of last year.
