CBN will also start releasing old notes to commercial banks from Thursday.
A source said: The CBN governor met with bank CEOs yesterday night virtually. It was a short meeting that lasted for just about 15 minutes.
The governor said all old N1,000, N500 and N200 notes will be released to commercial banks beginning from Thursday.
The CBN will start with crisp old notes after which the ones deposited by DMBs will be returned.
The plan is to flood the economy with cash and ameliorate the challenges Nigerians have been passing through.”
Also, the CBN will be cancelling cash withdrawal limits it put in place recently.
This means that individuals can now withdraw up to N500,000 across the counter while corporate bodies can do N5m.
The CBN is expected to release a circular to this effect later tonight or tomorrow morning (today). But effectively, things should be back to normal as far the cashless policy is concerned.”
They noted that before the end of the week, the country would be awash with naira notes.
The apex bank took the decision to avert the planned picketing of the CBN offices nationwide by supporters and leaders of the Nigeria Labour Congress.