Written by Rashidat Olushola Okunlade
Following several complaints about the scarcity of old and new naira notes in Nigeria.
Reliable sources in the Central Bank of Nigeria (CBN) said banks have been instructed to collect the old Naira noted they deposited in CBN and that before the end of the week, the country would be awash with Naira notes.
Recalled on October 26, 2022, the Governor of the Central Bank of Nigeria, Godwin Emefiele, announced the introduction of new N200, N500, and N1000 notes.
Mr. Emefiele said that the decision would address cases of kidnapping, terrorism, and other financial crimes.
However, since the policy took effect, the scarcity of both the old and new naira notes has affected a lot of businesses in the country.
The situation further worsened the problems being faced by traders in the market, especially due to the challenges of inadequate storage facilities that lead to post-harvest losses.