Naira update: CBN distributes old Naira notes to Banks

The Central Bank of Nigeria (CBN) has announced that it will be releasing ols N1,000, N500, and N200 notes that it has in its possession to Commercial Banks in order to alleviate the cash shortage that is currently being experienced throughout the country.

The information was reportedly divulged by an insider at the CBN on Wednesday, March 23, 2023, according to the reports that were published in the media. the Naira shortage that is presently being experienced in the country.

This comes after the Nigeria Labour Congress (NLC) announced plans for a countrywide strike and demonstrations in CBN offices in response to the difficulties caused by the bank’s decision to redesign the naira.

The most recent decision by the CBN was made a few weeks after the Supreme Court issued an order stating that the previous N1,000, N500, and N200 notes should continue to be accepted as lawful tender until December 31, 2023.

It is important to keep in mind that the Central Bank of Nigeria (CBN) had amassed N2.3 trillion as of the end of February 2023, compared to the N3.9 trillion worth of currency that was in circulation in October 2022.