Banks ration new naira notes, await more supply

Commercial banks are rationing the new naira notes they have received from the Central Bank of Nigeria (CBN) as many customers are keen to hold the redesigned notes, BusinessDay findings show.

The CBN had on October 27, 2022 announced that the higher denominations of the naira – N200, N500 and N1,000 – would be redesigned and introduced into the economy from December 15, 2022 and asked commercial banks to return existing denominations to it.

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