CBN takes action to ease naira scarcity by evacuating banknotes and mandating Banks operate weekends
The Central Bank of Nigeria (CBN) has taken measures to improve the circulation of banknotes in various denominations. The CBN has directed all commercial banks to open for operation on Saturdays and Sundays to ensure that banknotes are readily available for customers.
Furthermore, the CBN has confirmed that a substantial amount of money in various denominations has been evacuated from its vaults and distributed to commercial banks across the country. The Acting Director of the CBN’s Corporate Communications Department, Dr. Isa AbdulMumin, disclosed this information, adding that the money has been received by commercial banks for onward circulation to their customers.
To ensure effective distribution, the CBN has directed all banks to load their Automated Teller Machines (ATMs) and conduct physical operations in their banking halls throughout the weekends. Governor Godwin Emefiele will personally lead teams to monitor the level of compliance by the banks in various locations across the country.
While urging Nigerians to be patient, AbdulMumin expressed optimism that the current scarcity of banknotes will soon ease as more banknotes will be injected into circulation. Overall, these measures are expected to facilitate the distribution of naira banknotes and bring relief to those who have been affected by the scarcity.
