CBN DIRECTED DMBS TO BEGIN OLD NARIA NOTES

CBN Governor Godwin Emefiele directed DMBS to begin distributing old N1,000, N500, and N200 notes to members of the public on Thursday (today)

The CBN will also begin issuing old notes to commercial banks on Thursday.

According to a source, the CBN governor virtually met with bank CEOs last night. It was a brief meeting that lasted about 15 minutes. The governor stated that beginning Thursday, all old N1,000, N500, and N200 notes will be released to commercial banks.

The CBN will begin with crisp old notes before returning the ones deposited by DMBS. The plan is to flood the economy with cash in order to alleviate the difficulties that Nigerians have been facing. In addition, the CBN will remove the recent cash withdrawal limits. Individuals can now withdraw up to N500,000 at the counter, while corporations can withdraw up to N5 million.

The CBN is expected to issue a circular in this regard later tonight or early tomorrow morning (today). However, in terms of the cashless policy, things should be back to normal.

The CBN is expected to issue a circular in this regard later tonight or early tomorrow morning (today). However, in terms of the cashless policy, things should be back to normal.

They predicted that the country would be flooded with naira notes by the end of the week.