The Central Bank of Nigeria (CBN) has taken steps to improve the availability of cash across the country. In an effort to ease the circulation of banknotes of various denominations, the CBN has increased the amount of money it is supplying to commercial banks and directed them to operate on Saturdays and Sundays. The banks have also been instructed to load their ATMs with cash and to open their branches to customers during the weekends.
According to a statement by the Acting Director of Corporate Communications at the CBN, Dr. Isa AbdulMumin, a substantial amount of money has already been received by commercial banks for distribution to their customers. To ensure compliance with these directives, CBN Governor Godwin Emefiele will personally lead teams to monitor banks’ operations across the country on Monday.
As a result of these measures, banks in Lagos have already begun dispensing cash from their ATMs, and customers have been informed that banks will be open from 9am to 4pm on weekends. These efforts are expected to improve the availability of cash and ease the burden on customers who have been experiencing difficulties accessing their funds.
