CBN Confirms Evacuation of Banknotes to DMBs

The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations and further directed all commercial banks to open for operation on Saturdays and Sundays.

The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, disclosed that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers and directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

Abdulmumin explains that branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs and adds that the Governor of the 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 Acting Director further urged Nigerians to be patient as the current situation of cash supply crisis which has disrupted businesses across the country, forcing a good number of businesses to shut down would ease soon with the injection of more banknotes into circulation.

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