CBN Issues New Directive to All Banks Over Naira Scarcity , Read Full Details below.
In response to the ongoing naira scarcity in Nigeria, the Central Bank of Nigeria (CBN) has issued a new directive to all commercial banks in the country to open for operation on Saturdays and Sundays. The aim is to facilitate the circulation of banknotes of various denominations, which is expected to ease the economic impact of the naira shortage.
Dr. Isa AbdulMumin, the Acting Director of the Corporate Communications Department of the CBN, disclosed this in Abuja on Friday, March 24, 2023. He also confirmed the evacuation of banknotes from the CBN’s vaults to commercial banks across the country.
AbdulMumin said that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers. He added that the CBN had directed all banks to load their Automated Teller Machines (ATMs) and conduct physical operations in the banking halls throughout the weekends.
In his words, “Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs.” The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, will personally lead teams to monitor the level of compliance by the banks in various locations across the country.
The CBN Acting Director urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation. This move by the CBN is expected to alleviate the negative impact of the naira scarcity on the economy and improve the liquidity of the Nigerian banking system.
