Following the naira scarcity in Nigeria, The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has confirmed the evacuation of banknotes from the CBN’s vaults to commercial banks across the country. This move is part of a coordinated effort to ease the scarcity of naira banknotes of various denominations in circulation.
In a coordinated effort to improve the circulation of banknotes of various denominations, the Central Bank of Nigeria (CBN) has confirmed that banknotes are being evacuated from its vaults and distributed to commercial banks across the country. To further facilitate this process, the CBN has also directed all commercial banks to operate on Saturdays and Sundays.
According to a press statement issued by Dr. Isa AbdulMumin, the Acting Director of the CBN’s Corporate Communications Department, a substantial amount of money in various denominations has been received by the commercial banks for onward distribution to their respective customers. The CBN has instructed all banks to load their Automated Teller Machines (ATMs) and carry out physical operations in their banking halls throughout the weekends.
In addition, the statement noted that the Governor of the 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. AbdulMumin urged Nigerians to be patient as the current situation would soon ease with the injection of more banknotes into circulation.