Commercial Banks in Nigeria are ready to extend daily cash withdrawal limits from the N20,000-N50,000 range to over N80,000-N100,000.
This was decided as a mean of easing the burden of the current cash crunch on their customers and also tackle long queues in bank across the country.
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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 Banks. 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.
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According to findings, most commercial banks currently pay between N20,000 and N50,000 over-the-counter and Automated Teller Machines.
However, officials told our correspondents that banks were planning to raise the limits to enhance currency circulation and put a permanent end to queues in banking halls and ATM galleries.
Customers had on Monday thronged banking halls and ATM galleries to get cash despite the banks working throughout the weekend.
Visits to several bank branches in Lagos, Abuja, Ogun State and other cities revealed that customers in their numbers converged on bank premises to withdraw cash.
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