NewStats: 3,264,721 , 8,184,516 topics. Date: Thursday, 12 June 2025 at 07:58 AM js3j

The Central Bank of Nigeria has finally concluded plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks, The PUNCH can report authoritatively.

This decision is expected to end months of hardships and pains Nigerians have been going through following a controversial CBN naira redesign policy that has caused a severe shortage of old and new naira notes across the country.

The CBN’s latest decision came several weeks after the Supreme Court ordered that old N1,000, N500 and N200 notes should remain legal tender until December 31, 2023.

On Wednesday night, top officials of the CBN and commercial banks confirmed to The PUNCH that the CBN Governor, Godwin Emefiele, had directed the DMBs to begin the disbursement of old N1,000, N500 and N200 notes to of the public effective Thursday (today).

According to him, the CBN will also start releasing old notes to commercial banks from Thursday.

The PUNCH learnt Emefiele met with the chief executive officers of the DMBs on Wednesday evening where he told them that the central bank would start releasing all old notes in its custody to commercial banks effective Thursday (today).

Sources at the meeting said the CBN would also be cancelling all the controversial cash withdrawal limits it put in place in recent months.

Also, it was learnt the CBN would start by releasing crisp old notes to DMBS after which the ones deposited by commercial banks will also be released.

Furthermore, the CBN stated at the meeting that bank customers would no longer be required to generate any code before depositing their old notes.

One of the bank CEOs at the meeting, who spoke on condition of anonymity, said, “The CBN governor met with bank CEOs this evening virtually. It was a short meeting that lasted for just about 15 minutes. The governor said all old N1,000, N500 and N200 notes will be released to commercial banks beginning from Thursday. The CBN will start with crisp old notes after which the ones deposited by DMBs will be returned. The plan is to flood the economy with cash and ameliorate the challenges Nigerians have been ing through.“

The top bank chief added, “Also, the CBN will be cancelling cash withdrawal limits it put in place recently. This means that individuals can now withdraw up to N500,000 across the counter while corporate bodies can do N5m. The CBN is expected to release a circular to this effect later tonight or tomorrow morning (today). But effectively, things should be back to normal as far the cashless policy is concerned.”

Further findings by The PUNCH confirmed the CBN would begin to release the old notes into circulation by Thursday. It was also gathered that banks would begin to pay their customers the old notes immediately to ensure the cash circulate across the country.

According to reliable sources in the CBN, banks have been also been directed to report to the old offices to collect the old naira notes they deposited with the apex bank.

They noted that before the end of the week, the country would be awash with naira notes.

Meanwhile, a top source close to the CBN said the apex bank took the decision to avert the planned picketing of the CBN offices nationwide by ers and leaders of the Nigeria Labour Congress.

NLC protests

Earlier, The PUNCH had gathered that the NLC would on Wednesday picket the CBN headquarters and state offices in protest against the lingering naira crisis and fuel scarcity in the country.

The NLC President, Joe Ajaero, who disclosed this at a press conference on Wednesday, lamented that people’s hardships over the naira crisis had worsened.

The union had penultimate Monday issued a seven-day ultimatum to the Federal Government to address the scarcity of naira notes and fuel which had compounded the hardships being faced by Nigerians.

Though the CBN said then that it had complied with the Supreme Court judgment which directed that the old N200, N500 and N1000 notes should remain legal tender till December 31, banks have continued to ration the amount of cash issued to customers, indicating that they have not received cash supplies from the apex bank.

The three states of Kaduna, Kogi and Zamfara which sued the Federal Government over the naira redesign policy had threatened to file contempt charges against the Attorney-General of the Federation, Abubakar Malami, SAN and the CBN governor, Emefiele for not fully complying with the Supreme Court judgment.

Speaking at a press briefing in Abuja on Wednesday, Ajaero said the planned picketing of CBN offices became imperative following the apex bank’s failure to comply with the one-week ultimatum given to it to make cash available for Nigerians.

Ajaero explained that the union took the decision when it noticed that the situation appeared to be getting worse despite the Supreme Court order allowing the old N500 and N1000 notes to circulate with the new notes till December 31.

He directed all NLC’s unions and their state councils to begin mobilisation on Friday for the nationwide mass action, saying the Federal Government and the CBN have not shown any commitment to address the situation.

Giving an update about the ultimatum at the briefing which was held at Labour House, Ajaero said workers could no longer access cash to pay fares to their respective workplaces or buy food for their families.

He said, “Last week at the end of our CWC (Central Working Committee) meeting, we gave a one-week ultimatum for the Federal Government to address immediately, among other issues, the issue of cash crunch that was caused by the policy. As of this morning when the CWC met again to review the situation, we discovered that not much improvement has been made.

“The situation is still almost the same. People are still buying our currency with our currencies. People no longer have access to the currency and the government seems to be very adamant about this. No moves have been made to reduce the suffering of Nigerians.

One-week notice

“Consequently, the CWC-in-session resolved to go into the process of actualising the one-week notice. From Friday, there will be a mobilisation of all state councils through a NEC meeting. All unions have already been directed to mobilise all their organs and their branches.

“By Wednesday, next week, all Central Bank of Nigeria offices nationwide will be picketed. All central banks from the CBN headquarters will be shut till further notice. Workers are directed to stay at home and in the picketing exercise.

“We call on Nigerians to understand the circumstances we are operating in. People will be telling you about the political situation. The political situation is self-inflicted and the economic situation is worse than the political situation because people cannot eat.”

The labour leader described the proposed demonstration as “total”, saying the workers have been pushed to the wall.

He added, “Workers can no longer go to the office and nothing is happening. So, we have been pushed to the wall having given one week (ultimatum) and we thought they could address the situation which is not addressed.

“We have decided to take our destiny into our hands. So, comrades, the mobilisation commences immediately and when we talk of action from Wednesday, it’s total; until further notice.’’

https://punchng.com/nlc-protests-cbn-to-flood-banks-with-old-naira-notes/

Emefiele must be arrested sooner or later, he selfishly brought this untold hardship to the masses, very heartless human.

Happy hunger strike to our brothers and sisters.
I hope y'all resume the bombings and killings after the hypocritical one month break.

People who were happy that naira re-coloring was to punish the president-elect ,
are now suffering it more.. 😂😂😂

Mad masses

Sad. It is barbaric to be using the lives of over 200million Nigerians to be running a trial and error policy. The sad part is none of the elites including Emefiele suffered anything from this poorly executed policy.

I've lost count of gambled poor policies rolled out under the governorship of Emefiele in the cbn. I'm still yet to see one major thing he achieved as a governor of the cbn. This policy crumbled businesses and no one is held able for it

Was it an intentional decision to flourish personal agenda or that of the some individuals with selfish interest, I don't know but I have a feeling it is.

Bottom line, there is always a day of payback for everyone. Banks are in real mess now. Even electronic transactions are nightmares now. I just want people to be held able for their decisions and applauded or punished for it.

Emefiele is an economy saboteur. He’s deliberately punishing Nigerians

Nigerians are too lenient.. Imagine this idiot Emefiele putting 200 million+ people through this needless hardship, and he still has the guts to look us in the eye and talk

As for me, I leave Emefiele with God.. But I honestly won't cry if I hear that something dreadful has happened to him or his loved ones.

The useless so-called "Giant of Africa" becomes GIANT problem for Nigerians.
Better to come from Chad than this confused laughing stock of a country jungle zoo!

Election? Zero!
Access to my own money? Zero!!
Even ordinary light for Super Eagles to train and help us with small temporary joy? Zero!!!

Nigeriaaaaaa! Haaaaaa!!! Yua useless.

Omor this emiefele Na mad man o . What was stopping him from doing this since after the supreme court judgement and also CBN statement

So, it took a threat of national shutdown before you bastards decided to do your damn jobs!

That was how Buhari chose to keep silent about EndSars till the nation almost went into civil war!

Why do Nigerian leaders wait till things have really gone haywire before doing simple things?!!

Banks have been destroyed! Thousands of jobs lost! People have died senselessly! All for what?!!

EMEFEILE EMEFELE, Your back up strong sha.

South South men like Joe Ajaero with balls unlike those from the Waste side who are Known Cowards ..

Let them do that. The hardship is 3 much

Ndi ara

Do we still have NLC? Mr wabba killed NLC before he left

Government policies ought to be for the people, not against them. Let them release the old notes asap.

DennisEche:
EMEFEILE EMEFELE, Your back up strong sha.

He is taken directive from the same man that ran the country economy to the ground in 1984 with the same policy.

Emewere is a confirmed criminal.

Thank God for our new President , Bola Ahmed Tinubu.

Incompetence of the highest order!

pls how you all getting ur Daily Cash?

Terrible things are happening

This man must end up in jail.
He has murdered sleep and he no go sleep 🌚

hmm

It seems NLC is coming back to life.

Thank you, Comrade Ajaero!

IyaebeTheGreat:
Emefiele must be arrested sooner or later, he selfishly brought this untold hardship to the masses, very heartless human.

no be your tinubu, buhari, emefiele dey use us dey play their dirty politics.

I read this somewhere too..
The truth is cbn governor in person of emefiele is answerable to no one.. very selfish person.. he's fighting for himself. Not anyone.

Bonapart:
Happy hunger strike to our brothers and sisters.
I hope y'all resume the bombings and killings after the hypocritical one month break.

You haven't stop to wail. We are Fasting no room for BANTERS!

Emefiele is an economic terrorist, Buhari is a sadist and psychopath, Nigeria should copy the US electoral college, we have a lot of dumb people that their votes shouldn't be allowed to matter most in choosing our leaders because of their low level of education and thinking

What is happening after election now is the last card of the lagos landlord and buhari dirty politics they know that if there is no cash after election it will be very difficult for those candidate in opposition most especially those that are not in goverment to challenge their stolen mandate in court because of cash.

They are waiting for the stipulated time to challenge election in tribunal to expire before the cash will flow.

Emefiele needs to be arrested and prosecuted, his incompetency and heartlessness stinks.

IyaebeTheGreat:
Emefiele must be arrested sooner or later, he selfishly brought this untold hardship to the masses, very heartless human.

Emefiele has wickedly grounded Nigerias Economy. He will be jailed, undoubtedly!

Emefiele political ambition is DEAD ON ARRIVER