The Central Bank of Nigeria (CBN) has taken measures to ease the circulation of banknotes in the country by directing the evacuation of banknotes from its vaults to commercial banks. Dr. Isa AbdulMumin, the Acting Director of Corporate Communications Department of the CBN, confirmed that commercial banks have received a substantial amount of money of various denominations for onward circulation to customers.
To ensure that the circulation of banknotes runs smoothly, the CBN has directed all commercial banks to open their branches for operation on Saturdays and Sundays. This includes loading their Automated Teller Machines (ATMs) and conducting physical operations in the banking halls.
Governor of the CBN, Mr. Godwin Emefiele, will lead teams to monitor the level of compliance by banks in various locations across the country. This coordinated effort by the CBN and commercial banks aims to make it easier for customers to access cash during weekends, when many people carry out their financial transactions.