Newsbreak: Confused CBN orders banks to collect old, new 500, 1000 Naira notes

Newsbreak: Confused CBN orders banks to collect old, new 500, 1000 Naira notes

By Joseph Ologeh

Confused Central Bank of Nigeria, CBN has asked Nigeria’s banks to begin collection of N500 and 1000 old notes.

This clearly demonstrate how incompetent and disorganised the Nigerian apex bank has become.

In the past few days, the CBN and President Mohammadu Buhari have give conflicting signals even overturning the declaration of the Supreme Court of Nigeria that had asked for respect to the old order pending the determination of the suits.

On Friday, the Governor of the CBN, Mr Godwin Emefiele ordered banks to start the collection of new notes again, sources close to banks told Irohinoodua.

The source said the scarcity of new notes was actually caused by the CBN having refused to print enough new notes for banks.

Earlier the CBN said holders of old notes should go and deposit their 500 and 1000 old notes at the CBN, almost a complex and impossible task for many Nigerians who live hundreds of kilometers away from where CBN state headquarters are located.

The fresh order to collect old notes from the public takes immediate effect.

The apex bank says the banks can only collect N500,000.

A bank manager who does not wish to be named told Irohinoodua that banks on Friday received memo from the CBN Governor asking all banks to collect the old notes beginning from today.

The new decision is also against the directive of President Mohammadu Buhari who said Nigerians can only spend the 200 old naira notes of all the three notes redesigned.

The CBN has increasingly become a willing tool in the hands of politicians in Aso Rock.

The Governor of Kaduna State on Thursday said the CBN Governor was working with some anti democratic forces to derail democracy and scuttle the forthcoming elections.