• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies

CBN directs banks to open Saturdays, Sundays as it releases banknotes to ease scarcity

Samson AkintarobySamson Akintaro
2 months ago
in Currencies, Financial Services, Industries
Federal High Court further adjourns hearing on Oando scheme of arrangement to 10th October

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele

Share on FacebookShare on TwitterShare on Linkedin

Key Highlight

  • The apex bank said it had released a substantial amount of cash to banks to ease the current scarcity.
  • Banks have been ordered to open on Saturdays and Sundays to attend to customers’ needs.
  • The CBN Governor is to personally monitor compliance by the 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 the CBN’s Acting Director of Corporate Communications of the CBN, Dr Isa AbdulMumin, the evacuation is part of a coordinated effort to ease the circulation of banknotes of various denominations.

AbdulMumin said that the CBN also directed all commercial banks to open for operation on Saturdays and Sundays to meet their customers’ demands. He said that the CBN Governor, Mr Godwin Emefiele would personally monitor the compliance of the commercial banks to the directive.

A substantial amount released

While the CBN spokesperson did not state the exact amount released to the banks, he said a substantial amount of money in various denominations had been received by the banks for onward circulation to their customers.

  • “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.

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

What you should know

Since the redesign of the N1,000, N500, and N200 notes by the CBN, Nigerians have been battling with the scarcity of cash. While there had been a back-and-forth on the deadline for the old notes to cease to be legal tender, a Supreme Court ruling on March 3rd ordered that the old notes should remain legal tender until December 31st.

However, the cash scarcity has continued as banks are in short supply of even the old notes. In Lagos, for instance, most bank ATMs remain empty, while a few loaded with cash have long queues. Due to the scarcity of cash, banks are also rationing the little they have to dispense through the ATMs by limiting withdrawal per account to N10,000 a day, even when the CBN’s cashless policy stipulates N20,000 daily withdrawal limit for an individual.

Related

Tags: Central Bank of Nigeria CBN

Leave a Reply Cancel reply

hfm
UBA
Mega Millions
Mega Millions
fidelity banner
HFM







NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • FOREX Challenges Disrupting Drug Availability in Nigeria- GSK Nigeria
  • Unilever Nigeria announces the resignation of Bidemi Ademola as Executive Director
  • Court upholds ‘no work no pay’ rule against ASUU, says FG has right to withhold salaries

Follow us on social media:

Recent News

Nestle Plc releases third quarter result, reports Net Profit of N11.85 billion

FOREX Challenges Disrupting Drug Availability in Nigeria- GSK Nigeria

May 30, 2023
Unilever Nigeria announces the resignation of Bidemi Ademola as Executive Director

Unilever Nigeria announces the resignation of Bidemi Ademola as Executive Director

May 30, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up
  • Cart

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In