The Central Bank of Nigeria has finally concluded plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks, The PUNCH can report authoritatively.
This decision is expected to end months of hardships and pains Nigerians have been going through following a controversial CBN naira redesign policy that has caused a severe shortage of old and new naira notes across the country.
On Wednesday night, top officials of the CBN and commercial banks confirmed to The PUNCH that the CBN Governor, Godwin Emefiele, had directed DMBs to begin the disbursement of old N1,000, N500 and N200 notes to members of the public effective Thursday (today).
According to him, the CBN will also start releasing old notes to commercial banks from Thursday.
The PUNCH learnt Emefiele met with the chief executive officers of DMBs on Wednesday evening where he told them that the central bank would start releasing all old notes in its custody to commercial banks effective Thursday (today).
Sources at the meeting said the CBN would also be cancelling all the controversial cash withdrawal limits it put in place in recent months.
Furthermore, the CBN stated at the meeting that bank customers would no longer be required to generate any code before depositing their old notes.
A top bank chief verified this info, stating that individuals and corporate bodies can withdraw without withdrawal limits, over the counter.
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