Latest update on new naira notes today March 22, 2023, can be accessed below
Naira Notes: CBN Governor, Emefiele Insists On Cashless Policy
The Central Bank of Nigeria (CBN) governor, Godwin Emefiele has hinted that Nigerians would have to adapt to the new cashless policy regime.
This he stated on Tuesday during a press briefing in Abuja at the end of the Monetary Policy Committee (MPC) meeting.
While apologizing for challenges he called isolated cases in the use of the various e-payment platforms, the CBN governor insisted that the cases were being resolved.
Emefiele said the glitches been experienced will soon become a thing of the past.
Banks Ration Old Notes As Naira Crisis Bites Harder
With the naira scarcity still rocking the nation, commercial banks have begun to ration the disbursements of old N1,000 and N500 notes to their customers amid uncertainty over whether the Central Bank of Nigeria (CBN) will release the old notes in its custody.
IDOMA VOICE reports that the apex bank had on Monday announced that old N1,000, N500 and N200 notes remained legal tender.
This came days after the Supreme Court ruled in a suit between some state governments and the Federal Government.
However, despite the CBN announcing the legal status of the old 1000 and 500 naira notes, the naira scarcity still persists across the country.
Investigations by The PUNCH revealed that banks were rationing old notes to their customers via over-the-counter payments with a few lenders loading their Automated Teller Machines.
According to findings, the majority of the lenders in Lagos, Abuja, Ogun, Kwara and other states were paying only N5,000 to each customer over the counters, while a few banks paid N10,000 only.
It was gathered that only few Deposit Money Banks (DMO) loaded their ATMs and most of them were disbursing only N5,000.
CBN Yet To Release Old Notes To Banks
The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500 notes it mopped out of circulation, hours after giving directives on the old notes.
Recall that the apex bank on Monday directed that the old notes remain legal tender till the 31st of December, 2023.
According to Daily Trust, CBN is yet to release the old notes despite asking commercial banks to commence their recirculation.
This is amid the struggle by commercial banks to meet the demand of customers who storm their branches across the country.
Traders, students and others that visited banks in search of money told the platform that they were unable to withdraw the amounts they wanted.
They claimed that they were only given between N5,000 and N10,000 while a few others managed to get N20,000.
A senior management staff of Guarantee Trust Bank speaking on the circulation of the old note said: “We are not receiving any old cash from the CBN. I have a substantial stock of the old notes and that is what we are recirculating as of today.”