NEW NAIRA PAINS CONTINUES DESPITE FRESH CBN ORDERS

Barely three days after the Central Bank of Nigeria declared old N1,000, N500 and N200 notes as legal tender, Deposit Money Banks say they are beginning to run out of the old currencies.

The development led to severe hardship and pains for several bank customers  seeking to withdraw funds on Wednesday.

You will recall, that the CBN had on Monday directed banks to pay out and accept the old notes from their customers.

This came  after the President, Muhammadu Buhari, said he did not stop the CBN and the Attorney General of the Federation Office from complying with the Supreme Court judgement ordering that old naira notes should remain legal tender till December 31, 2023.

The CBN which has kept mute on whether it will release more old notes into circulation, is reportedly opposed to the recirculation of the old currencies due to its determination to push the cashless policy initiative to a logical end.