Central Bank of Nigeria Orders Commercial Banks to Operate on Weekends to Ease Currency Scarcity ~ NewsEdge
In a coordinated effort to ease the circulation of banknotes of various denominations, the Central Bank of Nigeria (CBN) has directed all commercial banks to open for operation on Saturdays and Sundays. This move comes after the evacuation of banknotes from the CBN’s vaults to commercial banks across the country.
According to a statement signed by CBN Acting Director, Corporate Communications Department, Isa AbdulMumin, in Abuja on Friday afternoon, a substantial amount of money in various denominations had been received by commercial banks for onward circulation to their respective customers. The CBN is now urging banks to conduct physical operations in banking halls through the weekends to attend to customers’ cash needs.
Mr Godwin Emefiele, Governor of the CBN, will personally lead teams to monitor the level of compliance by the banks in various locations across the country. The bank has also urged Nigerians to be patient, assuring them that the current situation will ease soon with the injection of more banknotes into circulation.
This latest development comes after a Supreme Court ruling and a proposed protest by Nigeria Labour Congress scheduled for next week, as authorities step up efforts to end the biting currency scarcity that has inflicted pain on millions of bank customers nationwide. With the new directive, customers can now access banking services on weekends, bringing relief to many Nigerians affected by the currency shortage.
