The development was announced after an extraordinary Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public.
After implementing the CBN’s latest directive, banks will forfeit custody of the billions of naira currently held in various dormant accounts.
The Supreme Court recently nullified the federal government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
“It is regrettable that only two pieces of the new naira notes were given to each customer to ‘top and garnish’ the bundle of the N1,000 old notes issued to them by the bank.”
The newly-recoloured N1,000, N500 and N200 bills became legal tender on December 15. Yet, some traders still find it hard to accept them.
Mr Emefiele pledged CBN’s flexibility to make the necessary adjustments to ensure wider public acceptance of its policies.
The redesigned banknotes by the apex bank include N200, N500, and N1000.
The increased CRR will limit banks’ lending capacity.
Listings on the platform showed the naira which exchanged for N620 as at Monday, now trades at N630 against the dollar on Wednesday afternoon.
