The CBN has directed that banks open on Saturday and Sunday (See Why)

The CBN has directed that banks open on Saturday and Sunday (See Why)

The Central Bank of Nigeria has ordered all deposit money banks to open on Saturday and Sunday for the massive disbursement of naira notes (CBN).

The order was issued by the CBN on Friday. The central bank has also begun a massive deployment of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of various denominations of banknotes.

Dr. Isa AbdulMumin, the CBN’s Acting Director of Corporate Communications, announced this on Friday. Abdulmumin, according to The Whistler, stated

that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

According to a CBN spokesperson, the apex bank has also directed all banks to load their Automated Teller Machines (ATMs) and conduct physical operations in banking halls on weekends.

“Branches of commercial banks will be open on Saturdays and Sundays to meet the cash needs of customers,” he said.

He went on to say that the Governor of the Central Bank of Nigeria, Godwin Emefiele, would personally lead teams to monitor bank compliance in various locations across the country.

As a result, he urged Nigerians to be patient, as the current situation would soon improve with the introduction of more banknotes.