[BREAKING] Naira Crunch: CBN Gives Fresh Directive To Banks

[BREAKING] Naira Crunch: CBN Gives Fresh Directive To Banks

The Central Bank of Nigeria (CBN) has confirmed that banknotes from its vaults have been evacuated 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 that all commercial banks be open on Saturdays and Sundays.

The CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin, disclosed this in Abuja on Friday, stating that the commercial banks had received a substantial amount of money in various denominations for onward circulation to their respective customers.

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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.

“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.

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