Cash Crunch: CBN Orders Commercial Banks To Open Saturdays, Sundays

All commercial banks in the country have been directed to open for operation on Saturdays and Sundays, as part of a coordinated effort to ease the circulation of banknotes of various denominations.

The directive was issued by the Central Bank of Nigeria, CBN, which also confirmed the evacuation of banknotes from its vaults to commercial banks across the country.

In a statement issued by the apex bank's Acting Director, Corporate Communications Department, Isa AbdulMumin, in Abuja, today, a substantial amount of money, in various denominations, had been received by commercial banks, for onward circulation to their respective customers, even as it prevailed on banks, to conduct physical operations in banking halls through the weekends.

Part of the statement read: “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.

"Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs.

“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.”

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