CBN Says It Has Started Disbursing Old N500 And N1,000 Notes To Banks

Central Bank of Nigeria ( CBN ) says it has begun releasing old N500 and N1,000 notes in its vault to banks to ease the naira notes crisis.

It said N20 billion of the old naira notes were disbursed to banks on Thursday.

The apex bank’s deputy director in charge of economic policy directorate, Dr. Kingsley Obiora, made this known, while leading a delegation the cbn officials to meet top leaders of the Nigeria Labour Congress (NLC) in Abuja.

Obiora, who met with the NLC leaders on Thursday at the labour house, promised that all the old naira notes deposited with cbn offices, would be returned to banks for re-circulation to customers

Labour leaders last Wednesday, had threatened that workers would embark on a cripling strike as from Wednesday, next week, if the naira notes crisis continues.

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NLC president, Joe Ajaero told the CBN officials that the strike would go ahead as planned next week, until the naira notes scarcity ends.

CBN governor, Godwin Emefiele, hours after the NLC issued the strike threat on Wednesday, had met with the managing directors of banks, and directed them to start picking the old naira notes at CBN offices as from yesterday.