Naira Scarcity: Latest CBN News On Naira Notes Today March 25th 2023
Following the Naira Scarcity in Nigeria, Latest CBN News On Naira Notes Today March 25th, 2023 can be accessed below.
GoldenNewsNg has compiled the latest news on new Naira notes. This means the latest updates on the Naira crisis in Nigeria can be accessed on this page.
CBN Issues New Directive to All Banks Over Naira Scarcity
In response to the ongoing naira scarcity in Nigeria, the Central Bank of Nigeria (CBN) has issued a new directive to all commercial banks in the country to open for operation on Saturdays and Sundays. The aim is to facilitate the circulation of banknotes of various denominations, which is expected to ease the economic impact of the naira shortage.
Dr. Isa AbdulMumin, the Acting Director of the Corporate Communications Department of the CBN, disclosed this in Abuja on Friday, March 24, 2023. He also confirmed the evacuation of banknotes from the CBN’s vaults to commercial banks across the country.
CBN takes action to ease naira scarcity by evacuating banknotes and mandating Banks operate weekends
The Central Bank of Nigeria (CBN) has taken measures to improve the circulation of banknotes in various denominations. The CBN has directed all commercial banks to open for operation on Saturdays and Sundays to ensure that banknotes are readily available for customers.
Furthermore, the CBN has confirmed that a substantial amount of money in various denominations has been evacuated from its vaults and distributed to commercial banks across the country. The Acting Director of the CBN’s Corporate Communications Department, Dr. Isa AbdulMumin, disclosed this information, adding that the money has been received by commercial banks for onward circulation to their customers.
CBN Governor Confirms Evacuation Of Banknotes To Commercial Banks
Following the naira scarcity in Nigeria, The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has confirmed the evacuation of banknotes from the CBN’s vaults to commercial banks across the country. This move is part of a coordinated effort to ease the scarcity of naira banknotes of various denominations in circulation.
In a coordinated effort to improve the circulation of banknotes of various denominations, the Central Bank of Nigeria (CBN) has confirmed that banknotes are being evacuated from its vaults and distributed to commercial banks across the country. To further facilitate this process, the CBN has also directed all commercial banks to operate on Saturdays and Sundays.
Some normalcy has returned despite persistent queues in some banks and ATMs across Nigeria.
Bank officials say the Central Bank of Nigeria (CBN) supplied more old naira notes than the newly redesigned N200, N500, and N1,000 notes.
The development follows the ruling of the Supreme Court on March 3, 2023, which extended the validity of the old naira notes till December 31, 2023.
According to reports, banks began simultaneous dispensing of the old naira notes over the counters and via ATMs a few days after CBN issued the directive.
Traders, Transporters, petrol stations, and others have begun accepting the old naira notes after initial skepticism.
Banks say they need more new naira notes as both ATMs and bank tellers dispense more of the old naira notes.
Bank officials say they have not had new supplies of the new naira notes since CBN reintroduced them into circulation.
A banker with one of the new-generation banks said that CBN had paused the circulation of old naira notes and only resumed issuing old notes as directed by the Supreme Court.
The President, Major General Muhammadu Buhari (retd.), on Saturday said the scarcity of naira notes reduced the incidence of vote-buying. The President, after voting in Daura, Katsina State, urged Nigerians to collect money offered to them by vote-buyers but vote their conscience.
The naira scarcity had led to crisis nationwide, in which case many Nigerians lamented their inability to buy necessities or move around. The Central Bank of Nigeria had come under heavy criticism for the policy, which many described as ill-timed and poorly implemented.