The Central Bank of Nigeria (CBN) has implemented a coordinated effort to ease the circulation of banknotes of various denominations across the country.
To achieve this, the CBN has evacuated banknotes from its vaults and distributed them to commercial banks nationwide. This measure is expected to increase the availability of cash in circulation, thereby mitigating the impact of the current cash shortage in the country.
In line with this effort, the CBN has directed all commercial banks to operate on Saturdays and Sundays to ensure that customers’ cash needs are met.
The directive includes loading automated teller machines (ATMs) and conducting physical operations in banking halls during weekends. This move is expected to further increase the availability of cash in circulation and ease the current cash shortage.
According to Isa Abdulmumin, the spokesperson of the CBN, a substantial amount of money, in various denominations, has been received by commercial banks for onward circulation to their respective customers. In addition, the CBN governor, Godwin Emefiele, will lead teams to monitor the level of compliance by the banks in various locations across the country.
Abdulmumin urged Nigerians to be patient as the current cash shortage is expected to ease soon with the injection of more banknotes into circulation. With the continuous efforts of the CBN to ease the cash shortage, customers can be assured that their cash needs will be met and that the economy will continue to operate smoothly.
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