Connect with us


Top Stories

Naira Scarcity: Banks Raise Cash Withdrawal Limits To Reduce Queues

Naira Scarcity: Banks Raise Cash Withdrawal Limits To Reduce Queues

Published

on

Naira Scarcity: Banks Raise Cash Withdrawal Limits To Reduce Queues

Deposit Money Banks are set to raise their cash withdrawal limits from the current N20,000-N50,000 range to over N80,000-N100,000, according to multiple bank officials.

The move, it was learnt, would help bank branches to tackle lingering queues in some cities across the country.

Advertisement

The Central Bank of Nigeria had on Friday directed commercial banks to open for operation on Saturday and Sunday, as part of a coordinated effort to ease the circulation of old and new banknotes.

This came after the CBN began the release of billions of old naira notes to DMBs. The central bank on Thursday finally obeyed the Supreme Court on the legal status of the old naira notes after months of controversy that trailed the naira redesign policy.

Advertisement
READ ALSO:   Tinubu Asks Court To Release Certificate To Atiku, Not Transcript, Gender, Others

According to findings, most DMBs currently pay between N20,000 and N50,000 over-the-counter and Automated Teller Machines.

Advertisement
Advertisement







Also Read...