Top Story

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

511

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.

Leave a comment

Related Articles

Just in: FG withdraws treason charges against #Endbadgovernance protesters

The Federal High Court in Abuja has terminated the treason charges brought...

Breaking: Pres. Tinubu orders release of #EndBadGovernance underage protesters

President Bola Tinubu has ordered the immediate release of all minors arrested...

Just in: Seven new ministers take oaths of office

President Bola Tinubu has sworn in seven newly appointed ministers, directing them...

Just in: Appeal Court acquits ex-CJN, Onnoghen, orders FG to unfreeze his account

The Court of Appeal sitting in Abuja on Monday discharged and acquitted...

ECOWAS, Nigeria, Morocco, Mauritania Commit to $26bln African Atlantic Gas Pipeline Project

“The project, conceived in 2016 during King Mohammed VI of Morocco’s visit...

#EndBadGovernance protests: AGF to Police: Transfer casefiles of 72 defendants to my office

The Attorney General of the Federation (AGF) and Minister of Justice, Prince...

Updated: Abuja Court grants N1.1 bln bail to 114 #EndBadGovernance protesters

A Federal High Court in Abuja has granted a N10 million bail...

Just in: 76 #EndBadGovernance protesters arraigned in Abuja

The detained 76 #EndBadGovernance protesters just arrived at the Federal High Court...

Breaking: 10 fatalities confirmed as building collapses in Ibadan

A weehours building collapse in Ibadan, the Oyo State capital, on Thursday...

Breaking: After five hours of screening, Senate confirms Bianca Ojukwu, six others as ministers

The Senate on Wednesday screened and confirmed the nominations of Ambassador Bianca...

Senate begins screening of seven ministerial nominees

The Senate has started screening the seven ministerial nominees of President Bola...

Alleged homosexuality: RCCG suspends two pastors, launches investigation

For allegedly breaching the church’s doctrine and the Holy Bible, two pastors...

Helicopter crash: NNPC Ltd. spokesman Soneye cancels golden jubilee birthday celebration in honour of departed souls

Mr. Olufemi Soneye, the chief corporate communications officer of the Nigerian National...

Biden in 30-minute phone call with Tinubu, hails Binance executive release

President Bola Tinubu and US President Joe Biden held a 30-minute phone...

Tinubu Receives Briefing on Local Currency Oil Sales Amid Pricing Disputes

President Bola Tinubu has received a briefing from the Implementation Committee on...

Kcee and Flavour engage in heated exchange over Igbo music style

The Nigerian music industry is once again witnessing a brewing fiery clash...

In Lagos, 150 Ajegunle widows, vulnerable lifted with food items, cash gifts

As part of efforts to provide succor and the much-needed support to...

Economic hardship: I’m not T-pain, you are mischievous, Tinubu replies Atiku

Former Vice President Atiku Abubakar has come under fire from the Presidency...

Just in: Air Peace denies plan to hike Lagos-Abuja airfare

Air Peace, one of Nigeria’s leading airlines, has dismissed rumours about raising...

Updated: Copter Crash: Search Still Ongoing, No Other Additional Bodies Found – NNPC Ltd’s Spokesman Soneyea

The Nigerian National Petroleum Company Ltd. (NNPC Ltd) has said beyond the...