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Vote-buying: Old Notes May Not Be Released Before Saturday By CBN - Reports

Deposit Money Banks claim that they are starting to run out of the old currency just three days after the Central Bank of Nigeria declared that old N1,000, N500, and N200 notes were legal money.

When several bank customers tried to withdraw money on Wednesday, the development caused them great stress and suffering.

On Monday, the CBN had instructed banks to pay out and accept old money from its clients.

This came after the President, Major General Muhammadu Buhari, declared that he would not prevent the Central Bank of Nigeria (CBN) and the Office of the Attorney General of the Federation from adhering to the Supreme Court ruling dictating that old naira notes should continue to be valid until December 31, 2023.

However despite the order, Nigerians are still suffering from cash crunch and report indicates this might continue till after the election to curtail vote buying.

A senior bank executive who preferred to be unnamed stated this below:

"Many of us are expecting the CBN to disburse the old notes before Saturday. However, we are concerned they may not do so to curtail vote-buying on Saturday"

Source: Punch news

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