[Breaking] Cash scarcity: CBN orders banks to extend working days

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The Central Bank of Nigeria (CBN) has ordered all commercial banks to open for operations on Saturdays and Sundays.

This according to the apex bank was part of effort to ease circulation of banknotes of various denominations.

A statement signed by CBN acting director, Corporate Communications Department, Isa AbdulMumin, on Friday March 24, 2023, revealed that evacuation of banknotes from its vaults to commercial banks across the country had begun.

The statement noted that, a substantial amount of money, in various denominations, had been received by commercial banks, for onward circulation to their respective customers, even as it prevailed on banks, to conduct physical operations in banking halls through the weekends.

“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,” the statement added.

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