Naira Swap Crisis: CBN Vows To Supply Commercial Banks With Adequate Cash

Barely 24 hours after Supreme Court temporarily suspended Friday’s deadline to stop using old banknotes, which had led to a cash crisis across the length and breadth of the country, the Central Bank of Nigeria (CBN) has vowed to supply commercial banks with plenty of funds to address the new Naira note scarcity in Kogi State.

Kogi CBN Branch Controller, Ahmed Sule, made the vow while speaking with a news agency in Lokoja, the state capital.

According to Sule, the scarcity of the new Naira might have resulted in some commercial banks not opening for customers on Wednesday, 8 February and Thursday, 9 February, 2023.

“I wish to announce to you that we’re expecting our stock of the New Naira notes very soon for distribution to the commercial banks operating here in Kogi.

“We’re aware of the difficult times our fellow citizens are in right now, and we expect the [commercial] banks to help ameliorate the people’s sufferings by dispensing as we so directed them.

“We’ll soon invite them [commercial banks] to come for their allocations as we’re expecting it today, being Thursday.

“What we give the banks is weekly allocations and a very substantial one for the week,” Sule said.