The Central Bank of Nigeria (CBN) has taken steps to improve the circulation of banknotes of various denominations by evacuating them from its vaults and distributing them to commercial banks throughout the country. The move aims to alleviate the current shortage of cash in circulation, which has caused inconvenience to the public.
Dr. Isa AbdulMumin, the Acting Director of the Corporate Communications Department of the CBN, announced this development on Friday in a statement in Abuja. He confirmed that the commercial banks had received a significant amount of money in various denominations and would pass it on to their customers.
As part of the initiative, the CBN has instructed all commercial banks to operate on Saturdays and Sundays to enable them to meet the cash needs of their customers. This measure is expected to ensure that more people have access to cash, which will reduce the long queues and frustration associated with cash shortages.
Dr. AbdulMumin noted that the governor of the CBN, Mr. Godwin Emefiele, would lead a team to monitor the level of compliance by commercial banks in various locations across the country. This move is expected to ensure that the banks adhere to the directives given to them by the CBN to ensure efficient and effective circulation of banknotes.
The Acting Director also urged Nigerians to exercise patience as the current situation is expected to ease soon with the injection of more banknotes into circulation. The CBN is committed to ensuring that the public has easy access to cash and that the current shortage is resolved as soon as possible.