Cash Scarcity: CBN Directs Banks to Open Saturdays, Sundays

• The Central Bank of Nigeria (CBN), has asked commercial banks to work weekends to ease cash transactions
• The bank said this in a statement issued on Friday, saying it has pushed out more cash to customers
• The apex bank asked bank customers to be patient and allow the bank to dispense cash to them

The Central Bank of Nigeria (CBN) has asked all Deposit Money Banks to open for operation on weekends as part of efforts to ease the circulation of currency notes.

The bank said in a statement that it has “evacuated substantial cash” to commercial banks from its office across the country.

CBN pushes more cash to commercial banks

The bank disclosed the information via a statement signed by its Acting Director of the Corporate Communications Department, Isa Abdulmumin in Abuja on Friday, March 24, 2023.

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CBN disburses old naira notes to banks, mounts surveillance as banks set two-Week target

According to CBN, a substantial amount of money in various denominations had been sent to commercial banks for customer circulation.

The bank asked commercial banks to conduct in-person operations in banking halls through the weekends.

The Statement reads:

“The CBN has directed all banks to load their Automated Teller Machines and conduct physical operations in the banking halls through the weekends.

“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs.

“The Governor of Central Bank of Nigeria, Mr Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.”

CBN appealed to Nigerians to be patient as the situation would ease soon, with the injection of more currency notes into the system.

CBN disburses old naira notes to banks, mounts surveillance as banks set a two-week target

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CBN promises to flood banks with old naira notes over NLC protest, keeps mute over new ones

Legit.ng reported that the Central Bank of Nigeria (CBN) began the disbursement of old naira notes on Thursday, March 23, 2023, as the Nigerian government intensified efforts to end the crippling cash scarcity that threatens to ground the economy and inflicted severe pains on bank customers across the country.

The apex bank had directed banks to pick the old N1,000, N500, and N200 notes across its offices nationwide for disbursements to customers.

This development follows a meeting between the CBN Governor, Godwin Emefiele, and bank CEOs on Wednesday, Mach 22, 2023, a Punch report says.

Source: Legit.ng