The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to Deposit Money Banks (DMBs) across the country in a coordinated effort to ease the circulation of banknotes of various denominations.
The Acting Director, Corporate Communications Department of the CBN, Dr. 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.
To ensure customers’ cash needs are met, the CBN has directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.
This includes the opening of branches of commercial banks on Saturdays and Sundays.
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, will personally lead teams to monitor the level of compliance by the banks in various locations across the country.
The CBN has urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.
The Nigeria Labour Congress (NLC) had previously directed its members to picket the offices of the Central Bank of Nigeria (CBN) nationwide over cash scarcity. However, with this recent development, it is hoped that the cash scarcity issue will be resolved.
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