Banks get fresh order to collect old notes from CBN branches, dispense immediately

More Naira notes will be pumped into circulation as from tomorrow, March 23 as banks have been directed to collect old notes deposited with the Central Bank.

Reliable sources at the CBN told Persecondnews that banks have been instructed to collect the old Naira notes they deposited with the CBN without further delay.

The new directive became imperative as an intervention amid cash squeeze and long queues of customers in banks waiting day in, day out to get cash across the counters.

“Before the end of this week, the banks in the states and local government areas would be awash with the Naira notes,” a source said.

Persecondnews recalls that the Supreme Court had on March 3, 2023 extended the validity of the N200, N500, and N1,000 Naira notes till December 31.

A seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians.

The court held that the directive of President Muhammadu Buhari for the redesign of the new notes and withdrawal of the old notes without due consultation is invalid.

Emmanuel Agim, a member of the panel, who read the lead judgment, also condemned the President’s disobedience of the court’s February 8 order that the old N200, N500, and N1,000 notes should continue to circulate concurrently alongside the new ones.

The CBN had in October 2022 introduced newly redesigned 200, N500, and N1,000 notes and gave a deadline to mop up the old notes from circulation.

Some states led by Kogi, Kaduna and Zamfara had challenged the policy at the Supreme Court.