The cash crunch faced by Nigerians may soon be a thing of the past as the Central Bank of Nigeria is ready to disburse the old N200, N500, and N1000 notes to the commercial banks.
The cash crisis is yet to abate since the CBN bowed to pressure and declared that the old notes were still legal tender. It was evident that the apex bank had yet to release the old notes in its custody to the commercial banks.
This development prompted the Nigeria Labour Congress to issue a seven-day ultimatum which expired on Tuesday and has now declared its readiness to start picketing CBN branches all over the country as from Friday.
However, in a bid to avert the impending industrial action by the NLC, the CBN is now ready to start pushing the naira notes out without restriction.
According to a report published in PUNCH, CBN Governor Godwin Emefiele met with the chief executive officers of the commercial 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.
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 and can now withdraw as much as N500,000 for individual and N5million for corporate body over the counter.
