CBN evacuates Naira notes from vaults to banks; directs DMBs to open on Saturdays, Sundays
...Emefiele to personally monitor compliance
The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations.
The CBN has also directed all Deposit Money Banks (DMBs) to open for operation on Saturdays and Sundays.
The Acting Director, Corporate Communications Department of the CBN, Isa AbdulMumin, disclosed this in Abuja, on Friday, stating that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.
According to him, the CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.
Central Bank of Nigeria evacuates banknotes to Deposit Money Banks. #CBN #DMBs. . pic.twitter.com/Yu6mqj5qB0
— Central Bank of Nigeria (@cenbank) March 24, 2023
“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he noted, adding that the Governor of the Central Bank of Nigeria, Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.
He, therefore, urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.
NewsClick Nigeria reports that the Nigeria Labour Congress (NLC) had earlier threatened to picket the apex banks’ offices nationwide over the persistent fallout of the Naira redesign policy that has led to scarcity of both the old and new Naira notes.
