March 23, (THEWILL) – The Central Bank of Nigeria (CBN) has released the old Naira notes to deposit money banks, to ease the current cash crunch across the country.
The development followed the March 3 judgement of the supreme Court.
According to sources in the Bankers Committee, effective this Thursday, 23rd March, Nigerians can walk to their banks to freely withdraw cash as the rationing of cash to customers by commercial banks have been suspended.
A source in one of the major commercial banks told THEWILL, that the withdrawal policy, still limits individuals to maximum of N500,000 weekly and corporate entities to maximum N5 million weekly.
The strict cash limits were imposed to reduce the influence of cash in elections. “The elections are now over”, a GMD of one of the top banks told THEWILL.
