CBN Cancels Cash Withdrawal Limits, Floods Banks With Old Naira Notes

Afimag.com –

The Central Bank of Nigeria (CBN) has concluded plans to flood Money Banks with N1,000, N500 and N200 notes in its custody.

The determination is to exterminate ordeals Nigerians have been going through occasioned by the apex bank’s contentious naira redesign policy that gave birth to severe depletion of old and new naira notes across the country.

Recall that Supreme Court ordered that old N1,000, N500 and N200 notes should remain legal tender until December 31, 2023.

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On March 22, 2023, top officials of the CBN and commercial banks told journalists that the CBN Governor, Godwin Emefiele, had orchestrated Banks’ Directors to begin the disbursement of old N1,000, N500 and N200 notes to members of the public.

Africa Investigative Magazine gathered that Emefiele, in a meeting with the chief executive officers of DMBs said the central bank would start releasing all old notes in its custody to commercial banks on March 23, 2023.

According to Punch, sources at the meeting said the leadership of central bank of nigeria would also be cancelling all the controversial cash withdrawal limits it established in recent months.