CBN Directs Banks to Open Saturdays, Sundays to Ease Naira Scarcity

The Central Bank of Nigeria (CBN) has confirmed the evacuation of new notes from its vaults to commercial banks across the country to ease circulation of the currency. 

The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays to meet their customers’ demands.

The Acting Director, Corporate Communications Department of the CBN, Isa AbdulMumin, disclosed this in Abuja, on Friday, stating that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

According to him, the CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends. He also said the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele would personally lead teams to monitor the compliance of the commercial banks across various locations in the country to the directive.

The CBN spokesperson did not state the exact amount released to the banks, he only said a substantial amount of money in various denominations had been received by the banks for onward circulation to their customers.

He, therefore, urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.

Recall that, since the redesign of the N1,000, N500, and N200 by the CBN, Nigerians have been battling with the scarcity of cash. The Supreme Court ruling on March 3rd ordered that the old notes should remain legal tender until December 31st, as a result of the back-and-forth on the deadlines for the old notes to remain legal tender.

However, since most banks are still in short supply, the cash scarcity has continued. Most banks are also rationing the little they have to dispense through the ATMs by limiting the amounts of withdrawal per account to N10,000 a day, even when the CBNs cashless policy stipulates N20,000 daily withdrawal limit for an individual.