The Central Bank of Nigeria (CBN) may have concluded plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks.
The 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 severe currency shortage across the country.
The CBN’s latest decision came several weeks after the Supreme Court ordered that old N1,000, N500 and N200 notes should remain legal tender until December 31, 2023.
Top officials of the CBN, who did not want their names in print, confirmed that the CBN Governor, Godwin Emefiele, had directed the DMBs to begin the disbursement of old N1,000, N500 and N200 notes to members of the public effective Thursday.
According to him, the CBN will also start releasing old notes to commercial banks from Thursday.
Emefiele reportedly met with the chief executive officers of the 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.
Sources at the meeting said the CBN would also be cancelling all the controversial cash withdrawal limits it put in place in recent months.
Also, it was learnt the CBN would start by releasing crisp old notes to DMBS after which the ones deposited by commercial banks will also be released.
Furthermore, 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.”
Top bank chief
The top bank chief added: “Also, the CBN will be cancelling cash withdrawal limits it put in place recently. This means that individuals can now withdraw up to N500,000 across the counter while corporate bodies can do N5million. The CBN is expected to release a circular to this effect later tonight or tomorrow morning (today). But effectively, things should be back to normal as far the cashless policy is concerned.”