The Central Bank of Nigeria (CBN) has taken steps to ease the circulation of banknotes of various denominations by evacuating banknotes from its vaults and distributing them to commercial banks across the country. This coordinated effort by the CBN is aimed at addressing the current cash scarcity in Nigeria.
In a statement released by the Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, the CBN has directed all commercial banks to open for operation on Saturdays and Sundays. This move will ensure that a substantial amount of money, in various denominations, will be received by the commercial banks for onward circulation to their respective customers.
As part of the directive, the CBN has instructed all banks to load their Automated Teller Machines (ATMs) and conduct physical operations in their banking halls over the weekends. The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, will personally lead teams to monitor the level of compliance by the banks in various locations across the country.
The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, has also urged Nigerians to be patient as the current situation will ease soon with the injection of more banknotes into circulation.
The Nigeria Labour Congress (NLC) had earlier directed its members to picket the offices of the Central Bank of Nigeria (CBN) nationwide over the cash scarcity issue. However, with the recent move by the CBN to evacuate banknotes from its vaults and distribute them to commercial banks across the country, the situation is expected to improve in the coming days.
It is important to note that the CBN’s effort to ease the circulation of banknotes of various denominations will have a positive impact on the economy. With more cash in circulation, businesses will be able to conduct transactions seamlessly and Nigerians will be able to access cash with ease.
In conclusion, the CBN’s directive to evacuate banknotes from its vaults and distribute them to commercial banks across the country is a welcome development. The decision to have commercial banks operate on weekends will also ensure that more people have access to cash. The move will ultimately help to ease the cash scarcity issue and have a positive impact on the economy.