According to some bank officials knowledgeable about the matter, in a bid to cushion the harsh effects of the Naira scarcity was made to cut down the huge number of customers that have besieged the banks since cash began to flow freely some days ago.
Recall just before the elections, the Central Bank of Nigeria, (CBN) had restricted over-the-counter cash withdrawals by individuals and organisations to ₦100,000 and ₦500,000, respectively, per week.
It also limited cash withdrawals via point-of-sale machines and automated teller machines to ₦20,000 daily and ₦100,000 weekly, respectively.