Cash Crunch: CBN Gov To Monitor Compliance, As Directs Banks To Open Branches Saturday, Sunday
The Central Bank of Nigeria (CBN), on Friday directed deposit money banks to open their branches across the country enhance the circulation of bank notes of various denominations to customers, as part of a coordinated effort to ease the circulation of banknotes of various denominations following the scarcity that resulted from the cash designing policy.
A statement by the CBN’s Acting Director, Corporate Communications Department, Dr. Isa AbdulMumin, in Abuja on Friday, March 24, 2023, said Godwin Emefiele of the governor of the apex bank, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.
All banks, he continued, were directed to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekend.
According to him, “branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs.”
Already, he confirmed the evacuation of banknotes from its vaults to commercial banks nationwide, disclosing that a substantial amount of money, in various denominations, have been received by the commercial banks for onward circulation to their respective customers.
He, therefore, urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.