The Central Bank of Nigeria (CBN) is said to have begun distributing obsolete naira notes to Deposit Money Banks across the country.
According to news sources, this is happening as government officials boost up attempts to end the naira scarcity that has caused instability in the country.
Remember that the CBN had asked DMBs to collect old N1,000, N500, and N200 notes from its locations across the country for distribution to clients.
Banks To Continue Accept Old Naira Notes After Deadline – Emefiele
According to reports, commercial banks received the old naira notes from CBN locations across the country on Thursday.
Several bank insiders, including CEOs and top executives, verified that the central bank distributed outdated notes to banks.
“I can confirm to you that we received old notes from the CBN today, we also received a memo from the central bank to this effect,” the CEO of a commercial bank told Newsmen on condition of anonymity.
Also, a general manager at a tier-2 bank told one of our correspondents that the lender got some old notes from the central bank on Thursday.
“The CBN has started giving us old notes. However, it will take some time for the currency to circulate,” a top official of a mid-size bank confirmed on Thursday.
Naira Notes Saga: Individuals Working For Atiku In Buhari Govt – Fani-Kayode Alleges
However, top bank officials said it would take about two weeks for the situation to normalize, adding that bank queues might not disappear until later next week.
The bank executive said: “The situation will not normalise immediately. The impact will begin to be felt on Friday. Overall, things should normalise between one and two weeks.”
4Also, the National President, Association of Senior Staff of Banks, Insurance and Financial Institutions, Mr Olusoji Oluwole, said, “Until recently, the volume of the old currency released to banks has been minimal. This coupled with panic withdrawal by customers, and the restriction of daily withdrawal limits by the CBN has caused continued rationing. However, with the announcement yesterday by the CBN to pump more cash into the system, we hope the pressure will ease by next week if the CBN keeps to this promise.”
According to the online newspaper, only a few banks initiated distributions on Thursday. According to reports, numerous bank branches received cash from the CBN very late. As a result, they were unable to commence the disbursement.
UPDATE: Banks To Start Over-The-Counter Payment Of New Notes
Nonetheless, the CBN is said to have finalized arrangements to dispatch a team of officials to oversee bank compliance.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.