CBN Releases Naira Notes, Instructs Banks to Work Sat, Sun
The Central Bank of Nigeria (CBN) has flooded deposit money banks with naira notes to assuage the ongoing cash crunch in the economy. The apex bank also directed all commercial banks to open for operation on Saturdays and Sundays.
In a statement disclosed by Acting Director, Corporate Communications Department of the CBN, Isa AbdulMumin, he noted that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.
After the Supreme Court order that upturned the CBN plan to remove old currency from circulation, the naira crunch worsened as depositors grapple to collect money from banks.
This resulted in the rationing of limited cash available in the economy while most funds outside the banking system failed to return because customers develop cold feet and started person-to-person deals.
Isa however said the CBN had 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 noted.
The apex bank spokesperson added that Godwin Emefiele, Governor at the CBN, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.
He, therefore, urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.
Most analysts believe that the failed naira design policy which spooked the Nigerian economy will have multiple impacts on key indices – including inflation, gross domestic product (CBN) growth and of course FX rates.
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