Following the order of the Central Bank of Nigeria to commercial banks to start the release of the old naira notes to members of the public, findings have revealed that the apex banking institution is yet to release old naira notes to bank.
According to Daily Trust, investigations revealed that CBN was not releasing the old notes it has already mopped out of circulation.
A top management staff of Guarantee Trust Bank said: “We are not receiving any old cash from the CBN. I have a substantial stock of the old notes and that is what we are recirculating as of today.”
“We had that cash with us, and when the CBN became overwhelmed with those rushing to beat the deadline, they also directed them to the commercial banks, so we have that stock too. That is the reserve that we have built up,” he said.
Also, a Polaris Bank manager who spoke on the condition of anonymity said, “We haven’t gotten the old notes because we haven’t finished giving out our stock of old naira.
“The instruction we have is to dispense every note at our disposal. We will get a clear understanding of things when we exhaust what we have,” he said.
