In line with the directive of the Central Bank of Nigeria (CBN), deposit money banks (DMB) began dispensing the redesigned naira notes to customers across the country on Thursday, December 15, 2022.
However, the new naira notes were dispensed over-the-counter alongside the old ones in most commercial banks.
On December 8, Godwin Emefiele, CBN governor, said banks had received the new notes, assuring Nigerians that “it would go round.”
But monitoring the exercise on Thursday, TheCable observed that some commercial banks had limited supply of the new notes, after visiting some financial institutions in Lagos.
A cashier at a branch of the Guaranty Trust Bank (GTB) said the redesigned denominations will not be available for dispensing tomorrow due to the low supply.
Another member of staff of the United Bank of Africa (UBA) said on only N2000 of the new notes were allowed to be dispensed, stressing on the limited supply constraints.
“Hopefully by the end of the month, it should be better circulated,” the cashier said.