The Central Bank of Nigeria, CBN, is set to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks.
According to reports, the apex bank has concluded plans to disburse old notes to Deposit Money Banks across the country starting from Thursday (today).
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This comes on the heels of the Nigeria Labour Congress, NLC, planned nationwide strike and protests in CBN offices following the hardship created by the bank’s naira redesign policy.
The CBN’s latest decision came several weeks after the Supreme Court ordered that old N1,000, N500 and N200 notes should remain legal tender until December 31, 2023.
CBN mopped up N2.3 trillion at the end of February from N3.9 trillion currency in circulation in October last year.