The silence of the Central Bank of Nigeria on the trillions of naira it mopped from the financial system continues to cast doubt on the possibility of achieving sufficient naira circulation in the near future, this is after Monday night’s directive urging banks to comply with the Supreme Court ruling extending the validity of the old banknotes to December 31, 2023.
According to newsmen, some banks had exhausted the residual notes in their possession before the CBN directive, a reason majority of the banks do not have both old and new notes to give as at yesterday when the regulatory directive took effect.
Insider sources disclosed that some bank chiefs used the Supreme Court ruling to release the stranded cash in their possession, while they rejected deposits of same old notes.
It was also gathered that bank chiefs were already worried about what to do with the notes they collected at the height of the crisis without a clear directive from the regulator.
