Home News More Naira notes to be available in banks soon
News - March 22, 2023

More Naira notes to be available in banks soon

Stanley Ihedigbo

The issue of Naira notes scarcity would be a thing of pass , as commercial banks get old notes deposited with Central Bank of Nigeria  (CBN).

Reliable sources in the CBN said that the commercial banks have been instructed to collect the old Naira noted they deposited in CBN and that before the end of the week, the country would be awash with Naira notes.

Central Bank of Nigeria (CBN), directed deposit money banks in the country to comply with the judgement of the Supreme Court extending the validity of the old N200, N500 and N1000 banknotes.

According to the apex bank, following the judgement of the apex court and with respect to the rule of law, the old naira notes remain legal tender.

The apex bank in compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly.

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