…Directs banks to open their branches on Saturday and Sunday
The shortage of cash supply in banks which has affected most homes and businesses for weeks may soon end, but as the Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country.
The Acting Director, Corporate Communications Department of the CBN, Isa AbdulMumin, disclosed on Friday in Abuja that the action was part of a coordinated effort to ease the circulation of banknotes of various denominations in the banking system.
He did not say the volume of cash released to the banks to meet the high demand by customers.
AbdulMumin said the CBN has also directed all commercial banks to work extra hours by ensuring they remain open for operation on Saturdays and Sundays to be able to serve their customers.
The apex bank’s spokesperson said a substantial amount of money, in various Naira denominations was released to the commercial banks for onward circulation to their respective customers.
To ensure that the shortage in supply of the currency to meet the demand by customers was redressed, AbdulMumin said the CBN has directed all banks to ensure that their Automated Teller Machines (ATMs) were sufficiently loaded with cash, while other channels of conducting physical operations in the banking halls were open for normal business through the weekends.
“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he noted.
To demonstrate how the management of CBN was committed to getting the crisis resolved, AbdulMumin said the CBN Governor, Godwin Emefiele, has assured that he would personally lead teams to monitor the level of compliance by the banks in various locations across the country.
He, therefore, urged Nigerians to exercise patience as the CBN works to get the current situation resolved through the injection of more banknotes into circulation.
