The Central Bank of Nigeria, CBN sources has revealed why the new Naira Notes are scarce, The Nation report.
And that was even made possible by the Supreme Court which, in a landmark ruling on March 3, extended the validity of the old N200, N500 and N1000 notes till December 31, 2023.
A seven-member panel of the court led by John Okoro ruled that the old notes should circulate alongside the new notes until the end of the year.
It took the CBN about two weeks to act on the judgment.
The banks’ Automated Teller Machines (ATMs), which dispensed new notes at the time the new notes were launched, have returned to old notes disbursement across the counter or through other payment channels.
Officials of the CBN who do not wish to be named because they are not authorised to speak to the press on the issue alleged that many Nigerians are hoarding the new naira notes ahead of the December deadline for the phasing out of the old notes.
