Naira scarcity: CBN moves cash to banks, orders Saturday, Sunday operations

  • Emefiele to lead compliance monitoring teams


Uba Group

THE cash crunch across Nigeria is expected to ease next week as the Central Bank of Nigeria says it has moved money from its vaults to banks nationwide in a coordinated effort to circulate all denominations of the naira.

The apex bank has also directed all commercial banks to open for operations on Saturdays and Sundays.

The CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, disclosed this in Abuja, on Friday.

He noted that a substantial amount of money, in various denominations, had been received by commercial banks for their customers.

Banks had been directed to load their Automated Teller Machines with adequate cash, he said.

“The CBN has directed all banks to load their Automated Teller Machines 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.

“The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country,” the statement read in part.

The apex bank, therefore, urged Nigerians to be patient, saying the current situation would ease soon with the injection of more banknotes into circulation.