The Central Bank of Nigeria (CBN) has finally completed plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks (DMBs), The can report authoritatively. This decision is expected to end months of hardship for Nigerians following the controversial CBN naira redesign policy, which created a severe shortage of both old and new notes nationwide. The move comes weeks after the Supreme Court ordered that the old N1,000, N500 and N200 notes remain legal tender until 31 December 2023.
On Wednesday night, senior officials from the CBN and commercial banks confirmed to The that Governor Godwin Emefiele had directed DMBs to begin disbursing the old N1,000, N500 and N200 notes to the public effective Thursday. Emefiele met with the chief executive officers of DMBs that evening and instructed them to start releasing all old notes in the bank’s custody to commercial banks from Thursday. Sources at the meeting said the CBN would also cancel the controversial cash‑withdrawal limits imposed in recent months. The bank would first release crisp old notes, followed by those deposited by commercial banks. Additionally, customers will no longer need to generate a code before depositing old notes.
One bank CEO, speaking on condition of anonymity, described the brief 15‑minute virtual meeting with the governor: “All old N1,000, N500 and N200 notes will be released to commercial banks beginning Thursday. We will start with crisp notes, then return those deposited by DMBs. The plan is to flood the economy with cash and alleviate the challenges Nigerians have been facing.” The CEO added that the CBN will cancel the recent cash‑withdrawal limits, allowing individuals to withdraw up to N500,000 over the counter and corporate bodies up to N5 million. A circular outlining these changes is expected later tonight or tomorrow morning, effectively restoring normalcy to the cashless policy.
Further confirmation from The indicates that banks will begin paying customers the old notes immediately to ensure cash circulates across the country. Reliable CBN sources say banks have been directed to report to the old offices to collect the notes they deposited with the apex bank. By the end of the week, the country is expected to be awash with naira notes. A senior source close to the CBN explained that the decision was taken to avert a planned nationwide picketing of CBN offices by supporters and leaders of the Nigeria Labour Congress (NLC).
Earlier, The PUCH reported that the NLC intended to picket CBN headquarters and state offices on Wednesday in protest of the lingering naira crisis and fuel scarcity. NLC President Joe Ajaero, speaking at a press conference, lamented that hardships had worsened and noted that the union had issued a seven‑day ultimatum to the Federal Government to address the scarcity of notes and fuel. Although the CBN claimed compliance with the Supreme Court judgment, banks continued to ration cash, suggesting they had not received sufficient supplies from the apex bank. States that sued the Federal Government over the redesign policy—Kaduna, Kogi and Zamfara—threatened contempt charges against Attorney‑General Abubakar Malami and Governor Emefiele for alleged non‑compliance.
At a press briefing in Abuja, Ajaero explained that the picketing became necessary after the CBN failed to meet the one‑week ultimatum to make cash available. He urged NLC affiliate unions and state councils to mobilise for a nationwide mass action, accusing the government and CBN of lacking commitment to resolve the crisis. He described workers’ inability to access cash for transport or food, noting that despite the Supreme Court order allowing old notes to circulate alongside new ones until 31 December, the situation had not improved. Consequently, the Central Working Committee resolved to activate the one‑week notice, with mobilisation beginning Friday and a nationwide picketing of all CBN offices slated for the following Wednesday. Ajaero called on Nigerians to understand the dire circumstances, emphasizing that the economic hardship—particularly the cash crunch and fuel scarcity—was more severe than any political issue.
The Secretary‑General of the National Union of Aviation Transport Employees, Ocheme Abah, confirmed that aviation unions would comply with the NLC’s picketing directive. Meanwhile, Acting Director of Corporate Communications at the CBN, Isa Abdulmumin, said he could not comment immediately on the release of old notes but that the bank would announce its position on Thursday.
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