The cash crunch arising from naira redesign, swap, cash withdrawal limit policy of the Central Bank of Nigeria would from today give way, prompting the restoration of the old order, if a report by Punchng is anything to go by.
This is as the Nigeria Labour Congress announced its resolution to picket all CBN offices nationwide from next week on account of the untold hardship the apex bank’s policies arose.
Citing highly placed sources in the CBN, Punchng reported that the corner would be turned from this week as more money will be released into circulation while the cash withdrawal limits removed.
“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 paper quoted the unnamed source as saying.
On the subject of cash withdrawal limits, the source, a top bank chief, told the publication; “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 N5m. 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.”
