However, top bank officials said it would take about two weeks for the situation to normalize, adding that bank queues might not disappear until later next week.
They also hope to pay N500,000 per customer by next week.
“The situation will not normalize immediately. The impact will begin to be felt on Friday. Overall, things should normalize between one and two weeks,” said a top bank executive who spoke to our correspondence on anonymity.
Bank workers union also said the situation might not normalize immediately.
However, further findings showed that only a few banks began disbursements on Thursday. It was learnt that several bank branches got the funds from the CBN very late. As such, they could not begin the disbursement.
But the CBN has reportedly concluded plans to dispatch a team of officials to monitor compliance on the part of banks.
It was further gathered that the apex bank officials would monitor banks in major cities across the country with a view to enforcing proper disbursement of the old notes collected from the CBN.
Top officials of the bank were said to have been directed to ensure the speedy recirculation of the old naira notes, hence the monitoring exercise.
NLC Meets CBN
Delegates from the CBN on Thursday met with Nigeria Labour Congress over the planned protest due to the scarcity of naira notes in the country.
The meeting, which took place at the Labour House in Abuja, was attended by the NLC President, Joe Ajaero, and a deputy governor of the CBN.
The congress disclosed this in a post on its official Facebook page. The post read, “Congress President, Comrade Joe Ajaero, received in audience a delegation of the Central Bank of Nigeria led by the deputy governor.”
The NLC had said it would on Wednesday next week embark on a nationwide strike over the scarcity of cash in the country. Ajaero gave the directive during a media briefing in Abuja.
When asked by one of our correspondents on Thursday evening if the strike would still go ahead despite the meeting with the CBN officials, Ajaero said, “The strike will hold until the situation in the country normalizes.”
Meanwhile, a reliable source who was privy to the meeting explained that the CBN said it had disbursed N20bn to banks nationwide, adding that banks in Lagos got N4bn while the lenders in Abuja received N2bn.
Our correspondent was also informed that the CBN promised to continue disbursing more money to the banks to address the scarcity of cash caused by the CBN naira redesign policy.
The source said, “We are not going to rely on what they told us that they are pushing; we all go to banks. The Director of Operations came to meet with us this evening.
“They said that based on our complaints and ultimatum, they have redoubled efforts. Today, they said they released about N2bn to banks in Abuja and about N4bn to banks in Lagos.
“They released nothing less than N20bn today across the country. They intend to do that consistently for a period to ensure that there is relief.
“We told them they needed to redouble their efforts to stave off our action. If they pump money consistently, then there would be no need for our actions. Are we just looking for a fight? The ministry of labour will also meet with us on Monday.”
Bank Queues Persist
Further findings showed that banks were still rationing cash in their custody despite the CBN’s latest directive on the release of old N1,000 and N500 notes.
Visits by our correspondents to different bank branches in Lagos, Abuja, Ogun State and other major cities indicated that Nigerians were still facing hardship with accessing cash from banks.