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The Central Bank of Nigeria on Thursday began the disbursement of old naira notes to Deposit Money Banks.
YOUNEWS was told that CBN released about N2bn to banks in Abuja and about N4bn to banks in Lagos on Thursday.
” CBN released nothing less than N20bn today across the country.”
CBN intends to do that consistently for a period to ensure that there is a relief.
It is a stepped up efforts to end the biting currency scarcity that has inflicted pain on millions of bank customers nationwide.
The central bank had directed DMBs to pick old N1,000, N500 and N200 notes at its offices across the country for onward disbursements to customers, following a meeting between the CBN Governor, Godwin Emefiele, and bank chief executive officers on Wednesday.
On Thursday YOUNEWS gathered that commercial banks got old naira notes from CBN offices across the country.
Though,Nigerians are still facing hardship with accessing cash from banks as at Thursday.
Multiple bank sources including CEOs and top executives confirmed to that the apex bank released old notes to banks.
“I can confirm to you that we received old notes from the CBN today, we also received a memo from the central bank to this effect,”
Though the CBN has started giving old notes, it will take some time for the currency to circulate.
During YOUNEWS enquires, we learnt that it would normally take about two weeks for the situation to normalize.
The bank queues might not disappear until later next week.
The impact will begin to be felt on Friday. Overall, things should normalise between one and two weeks.
Only a few banks began disbursements on Thursday. It was learnt that several bank branches got the funds from the CBN very late.
As such, they could not begin the disbursement.
But the CBN has reportedly concluded plans to dispatch a team of officials to monitor compliance on the part of banks.
It was gathered that the apex bank officials would monitor banks in Lagos, Abuja and other cities with a view to enforcing proper disbursement of the old notes collected from the CBN.
Top officials of the bank were said to have been directed to ensure the speedy recirculation of the old naira notes, hence the monitoring exercise.
