CBN: Banks To Work Weekends To Ease Naira Scarcity

The Central Bank of Nigeria, CBN, says it has directed commercial banks in the country to work at the weekends as part of the engine efforts to ease naira scarcity across the country.

The Godwin Emefiele-led CBN said during the week that the cash problems facing Nigerians will disappear by next week.

To achieve this aim, money banks have been directed to adjust their working days to SaturdY and Sunday, the CBN said in a statement on Friday.

The apex bank also stated that it has evacuated the old naira notes in its possession to the banks for onward transmission to customers.

Recall that the Supreme Court, three weeks ago ruled that the old naira notes of N200, N500 and N1000 remained legal tender until December 31, 2023.

The apex court also directed the CBN to ensure that the banknotes were readily available to customers.
According to the statement signed by the CBN Acting Director, Corporate Communications Department, Isa AbdulMumin, in Abuja on Friday afternoon, the government bank said a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

Deposit money banks, CBN said now have enough cash to dispense to customers.

Part of the statement read “The CBN had 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 CBN also urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.

Sources in the bank informed the magazine  that the CBN ‘the emergency’ measure to tackle the cash crunch that have affected banks’ customers and businesses  for weeks, may not be unconnected  with the threat by the NigerIan Labour Congress,  NLC to picket CBN offices across the country by next week.Wednesday.