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CBN Comes Under Criticism For Circulating Old N200 Notes

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Nigerians have condemned the Central Bank of Nigeria (CBN) for circulating old N200 notes.

Following the directive by President Muhammadu Buhari to CBN to put out more N200 notes last week, the apex bank confirmed that it had released more of the notes to banks to dispense to members of the public.

Though it didn’t disclose how much was released, Nigerians who visited the banks lamented the condition of the notes they were paid.

The note paid included old mutilated notes collected from the public at the peak of the cash swap programme.

A staff of the CBN told The Nation that the volume of N200 notes in circulation has increased following last week’s directive by President Muhammadu Buhari that the banknote be re-circulated.

The staff, who refused to be named because he is not authorised to speak, said “both old and new N200 notes were released into the system over the weekend”.

He said the CBN branches across the states “received the banknotes over the weekend and by Monday morning had started releasing them to the commercial banks”

He insisted the banks have received enough N200 notes to dispense through their ATMs.

Another staff of the CBN told The Nation: “There are more N200 notes in circulation now than there was last week”.

Members of the public, he said, “will start seeing the N200 in a couple of days in both old and new forms because the banks have been adequately fed with the banknotes and they are expected to dispense them to the public”.

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