Naira Crunch: CBN distributes banknotes to commercial banks, directs them to open on weekends

The Central Bank of Nigeria (CBN) says it has evacuated banknotes from its vaults to commercial banks across the country, as part of a coordinated effort to ease circulation of banknotes of various denominations.

CBN spokesperson, Isa AbdulMumin, in a statement on Friday afternoon, March 24, said the apex bank also directed all commercial banks to open for operation on Saturdays and Sundays.

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

“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 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,” he said.