Naira Scarcity: Latest CBN News, Update On Naira Notes For March 16th, 2023


Naira Swap: CBN Rejects Customers With Less Than ₦‎500,000

As the controversy associated with the new naira notes rages on, brings you the latest update on the controversial policy of the Central Bank of Nigeria (CBN).

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. 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.”

Naira Redesign: CBN Has Been Turned Into Political Football – Moghalu

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has said the apex bank has been turned into a political football.

In a series of tweets via his Twitter account on Tuesday, Moghalu said the CBN as an institution that is meant to be operationally independent has become politicized.

Moghalu said the purpose of using the apex bank to end vote buying in the 2023 general elections was to politicize the institution and make it susceptible to controversy.

The former presidential aspirant asserted that turning the CBN into a political football was a big mistake and a strong indicator of state failure.

He added that Nigerians have suffered terribly and experienced economic loss as a result of the faulty implementation of the Naira redesign policy of the apex bank.

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