The Central Bank of Nigeria ( CBN) is not likely to release old naira notes to commercial banks according to the findings of newspot correspondents in some of the States in Nigeria.
It would be recalled that the newspot exclusively reported on Tuesday 14 March 2023 that a bank official who wished to remain anonymous said it was a fluke from
CBN’s statement directing banks to be dispensing old notes of N1,000 and N500 in compliance with Supreme Court judgement.
Since this order from CBN the banks are being starved of old notes. Many people are moving around without cash in hands.
It has also affected the revenues of churches and mosques. One of the pastors in Pentecostal church could not hide his frustration by telling the congregations: “Look for the past two weeks offerings and tithes have gone down to 20%. Please wake up by going for your ATM cards from your banks to facilitate your transfer to church accounts.
“This CBN’s cashless policy is crazy. I was in Bank yesterday to withdraw. The bank official told me I can only have N5,000. I left the bank in frustration.”
However, a source in the Central Bank of Nigeria, said under the condition of anonymity, the apex bank,.might not release the old notes in its custody to commercial banks for nowqqvvvvv, as he argued that, doing so might be tantamount to reversing the “progress” it had achieved on the cashless initiative.
He said, “We might not release old notes to banks again because doing so might reverse the progress we recorded. We have recorded progress in the cashless policy and so, the old notes might not be released back to banks.”
Another source, while speaking said that the CBN, did not print enough new notes and didh not want to return the old notes it has collected because, it is still driving its cashless policy.
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