*The Central Bank of Nigeria affirms the supply of more currency notes to commercial banks in various denominations, for onward circulation to consumers of financial products and services in the country’s economy

Isola Moses | ConsumerConnect

In view of the current cash crunch consumers are experiencing in the economy, the Central Bank of Nigeria (CBN) has supplied more Naira notes, and directed the Deposit Money Banks (DMBs) to open for operations Saturdays and Sundays.

ConsumerConnect reports  the development is said to be part of a coordinated effort at improving the circulation of Naira notes in various denominations to commercial banks in the West African country.

Naira denominations

Dr. Isa AbdulMumin, Acting Director of Corporate Communications at CBN, who disclosed this update in a statement issued Friday, March 24, 2023, in Abuja, FCT, affirmed the banking sector regulator had evacuated currency notes from its vaults to commercial banks across Nigeria.

The Bank also noted that a substantial amount of money, in various denominations, had been received by commercial banks, for onward circulation to consumers of financial products and services in the country.

The regulator, however, required the commercial banks to conduct physical operations and attend to customers’ needs in their banking halls all through the weekends.

DMBs to ensure compliance with directive

The statement also said: “The CBN has 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.”

The CBN stated: “The Governor of 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.”

Meanwhile, the Bankers’ Bank has urged Nigerian consumers to be patient, as the current cash crunch situation would ease off soon, with the release of additional banknotes into circulation in the Nigerian economy.