The Central Bank of Nigeria has directed Deposit Money Banks (DMBs) to release all old N1,000, N500, and N200 notes to the public, according to reports from top officials of the bank and commercial banks.
The CBN Governor, Godwin Emefiele, has directed DMBs to disburse the old notes to members of the public, starting from today.
The move comes after a controversial CBN naira redesign policy led to a severe shortage of new and old naira notes in Nigeria.
The Supreme Court had also ordered that old N1,000, N500 and N200 notes remain legal tender until December 31, 2023. The CBN’s decision to release the old notes is intended to ameliorate the challenges Nigerians have faced due to the shortage of cash.