“To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.
“To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023when the old N200 notes ceases to be legal tender.
To encourage deposit of old notes, deposit money banks had sent out messages to their customers requesting that they deposit their old notes as they would remain open all through the weekend to receive old notes. the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.”
President and chairman of CIBN, Ken Opara, whilst noting that the institute is liaising with the Body of Banks CEOs to address the current challenges in the country, said the safety and security of staff of banks is of paramount importance.
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