- Nigeria's central bank has increased the supply of banknotes to end shortages that have hampered individual and business transactions and crippled the cash-based economy since January.
- Most lenders, including United Bank for Africa, Zenith Bank, and FBN Holdings, called in staff on the weekend to help customers access cash in banks or via automated teller machines.
- The disbursement is being monitored personally by Governor Godwin Emefiele.
- While cash supply is being enhanced, the central bank will keep weekly withdrawal limits of 500,000 naira and 5 million naira for individuals and companies to discourage residents from holding excess money.
Nigeria Dispenses Banknotes to End Three-Month Cash Crunch
Nigeria’s central bank beefed up the supply of banknotes to lenders to end shortages that have hampered individual and business transactions and crippled the cash-based economy since January.
Emele Onu
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