Many of the Deposit Money Banks on Friday sent notices to their customers that implementation of the directive would commence today.
Mr Cardoso noted that guidelines would be distributed widely to raise public awareness.
Another resident, Sule Aliu, also commended the apex bank for directing banks to work during the weekend.
In a statement by his spokesperson, Garba Shehu, the president said the CBN policy was targeted at people hoarding illicit funds.
At Ecobank at Ikpoba Hill, bank customers could only withdraw N5,000 with the new notes across the counter, while the bank’s ATM was not dispensing cash.
