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CBN Floods Banks With Naira Notes, Orders For Weekend Operations

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In a renewed attempt to decongest crowding in Banks and naira scarcity, the Central Bank of Nigeria (CBN), has confirmed the evacuation of banknotes from its vaults to commercial banks across the country.

It has also directed banks to effect operations on weekends until further notice.

This is contained in a statement issued by Dr Isa AbdulMumin, the Acting Director, Corporate Communications of the CBN.

He said the move was part of a coordinated effort to ease the circulation of banknotes of various denominations.

AbdulMumin said that the CBN also directed all commercial banks to open for operation on Saturdays and Sundays to meet their customers’ demand.

He said that the CBN Governor, Mr Godwin Emefiele would personally monitor compliance of the commercial banks to the directive.

According to him, a substantial amount of money in various denominations had been received by the banks for onward circulation to their customers.

“The CBN has also directed all banks 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.

He urged Nigerians to exercise patience as the current situation would soon ease off with the injection of more banknotes into circulation.

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