In order to address the country’s cash shortage, the Central Bank of Nigeria (CBN) has ordered commercial banks to immediately collect the old naira notes that clients have left in their branches and start issuing them to consumers.
As part of the federal government’s cashless program, the old N1,000, N500, and N200 notes were swept up by the apex bank in reaction to the introduction of new ones. Godwin Emefiele, the governor of the Central Bank of Nigeria, asserted that all of the old notes that had been removed from circulation had been destroyed at a time when pressure from numerous stakeholders was at its highest for the CBN to modify its stance on the cashless policy in order to ease the suffering of Nigerians.
The previous notes should be revealed, and the Supreme Court determined on March 3 that they are still valid through December 2023. The notes are still hard to come by notwithstanding the verdict. The Nigeria Labour Congress ordered all employees to picket all CBN branches beginning the following week in protest of the country’s current shortage of Naira notes on Wednesday, March 22.
According to sources in the banking industry, the top bank has now ordered the commercial banks to visit its branches and
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