CBN Begins Door-to-Door Distribution of New Naira Notes as Cash Shortage Seems Unending

• The Central Bank of Nigeria (CBN) has started a door-to-door distribution of the redesigned naira notes
• The move comes amidst a persistent cash shortage in the country, which has left many citizens struggling to get cash for their daily needs
• The CBN hopes that the new method of distributing of the new notes will ease the cash shortage and provide relief to Nigerians who have been hit hard

The Central Bank of Nigeria (CBN) has taken the initiative to distribute the newly redesigned higher denomination naira notes to the doorsteps of residents in Kano state.

The CBN sent representatives to three local governments in Kano (Kibiya, Rano, Tundun Wada).

A representative of CBN told journalists that the exercise is aimed at easing the cash shortage in the state and providing residents with the opportunity to exchange their old naira notes for new ones.

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He said:

"CBN has made provision for funds to be released to rural places where there are no suitable roads or banking facilities, so that they can benefit from exchanging their old naira notes for the new naira note."

BusinessDay reports that the CBN has promised to extend the distribution exercise to other local government areas in the state.

A relief to residents

The CBN's decision to distribute new naira notes to Kano residents is expected to bring relief to many who have been struggling to access cash.

This development has impacted on citizens' daily lives, with many finding it difficult to purchase necessities such as food and transportation.

How CBN back-pedaled on old naira notes after directing banks to collect them

Meanwhile, Legit.ng earlier reported that many Nigerians had been confused following the confusion that trailed media reports about CBN asking Deposit Money Banks (DMBs) to accept old naira notes on Friday, 17, 2023, asking what happened that the CBN would reverse itself so soon.

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CBN to release new directives as bankers beg for clarity on collection of old naira notes

Due to the directive by President Muhammadu Buhari that Nigerians should take old N500 and N100 notes to the Central of Nigeria (CBN), many Nigerians besieged bank offices across Nigeria on Friday, February 17, 2023.

Many reported arriving at the CBN office as early as 1 am and lined in front of the CBN office in Marina, Lagos, where there was a rowdy crowd.

Source: Legit.ng