By FAVOUR NNABUGWU

ABUJA -The Central Bank of Nigeria,CBN, yesterday, said that the pilot project for the N150,000 cash limit will begin from Lagos in December.

The  apex bank said it will take steps to vacate court injunctions restraining it from presiding over the sale of rescued banks, stating that it will not be frustrated by such injunctions from any of the eight rescued banks’ shareholders in its bid to ensure full recapitalisation of the banks or their liquidation, in extreme cases.

CBN’s Director of Banking Supervision, Mr Samuel Oni, told newsmen after the Bankers’ Committees’ meeting in Abuja, that the cashless economy initiative pilot policy would start in Lagos in December, this year, and later through the nation by June, next year.

He said “CBN is resolute in the pursuit of the recapitalisation process to its logical conclusion. We will not sit and fold our arms while the process is being frustrated by various unwarranted court cases.

”We will not allow the process to be frustrated by court cases to obtain injunction. We believe that before injunctions are issued, both parties should be given fair hearing.”

Oni was with Mr Godwin Emefiele, Zenith Bank MD; Mrs Sola David-Borha of  Stanbic  IBTC and Mr Alex Otti of Diamond Bank.