Cash crunch: Commercial banks to open Saturday, Sunday — CBN

by Samuel Akpan
1 minutes read

The Central Bank of Nigeria (CBN) on Friday directed deposit money banks to open for operations on Saturday and Sunday to ease the circulation and injection of cash into the economy as it evacuates banknotes to commercial banks across the country.

A statement by the Acting Director, Corporate Communications Department of the CBN, Dr Isa Abdulmumin, obtained by Persecondnews, said various denominations of banknotes have been received by commercial banks for “ onward circulation to their respective customers.”

He said to avoid a breach of the directives, the Governor of Central Bank of Nigeria would “personally lead teams to monitor the level of compliance by the banks in various locations across the country.”

“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.

“This is a further development to the Central Bank of Nigeria directive in compliance with the Supreme Court ruling extending the deadline for the old naira notes to December 31, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly,” Abdulmumin said.

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