Home BUSINESS BANKING & FINANCE CBN Rises To Address Naira Shortage; Flood Banks, Banks To Operate Saturdays,...

CBN Rises To Address Naira Shortage; Flood Banks, Banks To Operate Saturdays, Sundays

The Central Bank of Nigeria (CBN) has confirmed flooding commercial Banks across the country with banknotes from its vaults as part of a coordinated effort to ease the circulation of banknotes of various denominations.
The CBN also directed all commercial banks to open for operation on Saturdays and Sundays. The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, in a statement today, March 24, said that a substantial amount of money, in various denominations, has been received by the commercial banks for onward circulation to their respective customers.
The apex Bank spokesman said that all banks have been directed to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.
“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs.”
He said that the CBN Governor, Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.
He appealed to Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.

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