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CBN evacuates banknotes to ease circulation



Central bank confirms evacuation of banknotes to commercial banks

The Central Bank of Nigeria, CBN, has confirmed the evacuation of banknotes from its vaults to commercial banks across the country. According to a statement issued by Dr Isa AbdulMumin, the Acting Director, Corporate Communications of the CBN, it is part of a coordinated effort to ease the circulation of banknotes of various denominations.

Commercial banks directed to open on weekends

Mr AbdulMumin said that the CBN also directed all commercial banks to open for operation on Saturdays and Sundays to meet their customers’ demand. He said that the CBN Governor, Godwin Emefiele would personally monitor compliance of the commercial banks to the directive. According to him, a substantial amount of money in various denominations had been received by the banks for onward circulation to their customers.

Cash needs will be met through ATMs and physical banking

“The CBN has also directed all banks to load their Automated Teller Machines (ATMs) 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,” he said.

Patience urged as more banknotes injected into circulation

He urged Nigerians to exercise patience as the current situation would soon ease off with the injection of more banknotes into circulation.



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