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.
This move, coupled with the naira redesign policy which mandated all old ₦500 and ₦1000 notes to be returned to the banks had caused scarcity of the naira as the redesigned notes could not go around thus destabilising the financial industry.
