CBN returns old naira notes to banks, cancels withdrawal limits

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to begin the disbursement of old N200, N500, and N1,000 notes to customers effective Thursday (today).

It was gathered that the CBN Governor, Godwin Emefiele, gave the directive during a meeting with Chief Executive Officers of DMBs on Wednesday night.

It was learned that Emefiele gave the order
to end hardship being faced by Nigerians in accessing the naira notes.

A source at the meeting disclosed that Emefiele told the DMBs CEOs that the CBN would start releasing all old notes in its custody to commercial banks effective Thursday.

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The source added that the CBN would also be cancelling all the controversial cash withdrawal limits it put in place in recent months.

It was gathered that the CBN stated at the meeting that bank customers would no longer be required to generate any code before depositing their old notes.

One of the bank CEOs at the meeting, who spoke on condition of anonymity, said: “The CBN governor met with bank CEOs this evening virtually. It was a short meeting that lasted for just about 15 minutes.

“The governor said all old N1,000, N500 and N200 notes will be released to commercial banks beginning from Thursday.

“The CBN will start with crisp old notes after which the ones deposited by DMBs will be returned. The plan is to flood the economy with cash and ameliorate the challenges Nigerians have been passing through,” the CEO told Punch.

The Star