CBN Directs Banks to Open Saturdays, Sundays to Ease Naira Shortage

The Central Bank of Nigeria (CBN) has confirmed the evacuation of latest notes from its vaults to industrial banks throughout the nation to ease circulation of the forex. 

The CBN has additionally directed all industrial banks to open for operation on Saturdays and Sundays to satisfy their prospects’ calls for.

The Performing Director, Company Communications Division of the CBN, Isa AbdulMumin, disclosed this in Abuja, on Friday, stating {that a} substantial sum of money, in numerous denominations, had been acquired by the industrial banks for onward circulation to their respective prospects.

In response to him, the CBN had directed all banks to load their Automated Teller Machines (ATMs) in addition to conduct bodily operations within the banking halls by way of the weekends. He additionally stated the Central Financial institution of Nigeria (CBN) Governor, Godwin Emefiele would personally lead groups to observe the compliance of the industrial banks throughout numerous places within the nation to the directive.

The CBN spokesperson didn’t state the precise quantity launched to the banks, he solely stated a considerable sum of money in numerous denominations had been acquired by the banks for onward circulation to their prospects.

He, subsequently, urged Nigerians to be affected person as the present scenario would ease quickly with the injection of extra banknotes into circulation.

Recall that, because the redesign of the N1,000, N500, and N200 by the CBN, Nigerians have been battling with the shortage of money. The Supreme Court docket ruling on March third ordered that the outdated notes ought to stay authorized tender till December thirty first, on account of the back-and-forth on the deadlines for the outdated notes to stay authorized tender.

Nonetheless, since most banks are nonetheless in brief provide, the money shortage has continued. Most banks are additionally rationing the little they should dispense by way of the ATMs by limiting the quantities of withdrawal per account to N10,000 a day, even when the CBNs cashless coverage stipulates N20,000 day by day withdrawal restrict for a person.