CBN to flood banks with old Naira notes


CBN Governor, Godwin Emefiele 


The Central Bank of Nigeria (CBN) moved last night to end the biting cash scarcity. It plans to flood the banks with more old N1000 and N500 notes.

Reliable sources in the apex bank told The Nation that headquarters of commercial banks had been contacted to collect the old notes they returned to the Central Bank for recirculation.

“Banks have been instructed to collect the old naira notes they deposited in the CBN. Before the end of the week, the country would be awash with naira notes,” the source said.

It was learnt that the old naira notes may be returned to branches of the banks today.

The CBN decision came on a day the Nigerian Labour Congress (Congress) directed its affiliate members to picket states branches of the apex beginning from next week.

The organised Labour also directed workers to sit-at-home to protest cash crisis.

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