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.
The Central Bank of Nigeria had on Friday directed commercial banks to open for operation on Saturday and Sunday, as…
The Central Bank of Nigeria has released more old notes to Deposit Money Banks as the apex bank steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents.
The CBN had on Thursday…
Central Bank of Nigeria has directed all commercial banks to open for operation on Saturdays and Sundays, as part of a coordinated effort to ease circulation of banknotes of various denominations.
The apex bank also confirmed the evacuation of banknotes from its vaults to…
Circulation of old notes: CBN starts monitoring today and the bank has set a two-week target.
March 24, 2023
The Central Bank of Nigeria on Thursday began the disbursement of old naira notes to Deposit Money Banks as government authorities stepped up efforts to end the biting currency scarcity that has inflicted pain on millions of bank customers nationwide.
The central bank had directed DMBs to pick old N1,000, N500 and N200 notes at its offices across the country for onward disbursements to customers…
More and more banks are issuing old notes, and customers are refusing deposit conditions.
March 10, 2023
More Deposit Money Banks have begun to dispense old N1,000 and N500 notes to their customers, about three days after a few banks started doing so.
Polaris Bank and First Bank had started to pay old N1,000 and N500 notes to their customers.
This came about three days after…
The fresh move by some Deposit Money Banks to re-circulate old N500 and N1,000 notes suffered a setback on Tuesday as motorists, fuel stations, retailers, traders, and other categories of bank customers rejected the old currencies.
The development came about 48 hours after…
Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to customers.
Guaranty Trust Bank, Polaris Bank and some other banks were on Monday confirmed to be dispensing the old notes in Abuja and Kano.
A banker who spoke with Daily…
The Association of Corporate Affairs Managers of Banks (ACAMB), the umbrella body of corporate and marketing communications professionals working in Nigeria’s banking sector, has debunked rumours trending on social media that the Central Bank of Nigeria (CBN) will shutdown…
Problems accessing new Naira banknotes could increase as bank workers go on strike starting Monday.
The industrial action, is owing to attacks on bank workers by depositors of the old N,1000, N500 and N200 notes.
The Association of Banking, Insurance and Financial…
As the naira scarcity persists, some banks are shutting their branches over rising customer attacks,
This came a day after the Lagos State Police Command issued a warning that some groups were planning to unleash violence in the state due to the naira scarcity.
Some of the banks had started to allow non-essential employees to work from home.
Findings show Zenith Bank has shut down some branches in…