Naira Scarcity Ends This Weekend, CBN Assures; Orders Banks To Open Saturday & Sunday

The Central Bank of Nigeria, CBN, has confirmed the evacuation of banknotes to commercial banks and has ordered the banks to open for operation on Saturdays and Sundays in a bid to put an end to the current scarcity of the naira.

The Acting Director, Corporate Communications Department of the CBN, Dr. Isa Abdul Mumin, disclosed this in Abuja, on Friday, March 24, 2023.

He noted stating that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers and that the CBN has directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through this weekend and subsequent ones.

Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” Abdul Mumin added, adding that the Governor of the 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.

Recall that the reports of irate youths setting ablaze commercial banks in protest against the continued scarcity of the new naira notes had triggered the reaction of Rabiu Kwankwaso, the presidential candidate of the New Nigeria Peoples Party, NNPP.

While condemning the incident that happened in Warri, Delta State, some weeks ago, Kwankwaso tasked Nigerians to shun violence.

In his words: “I’m concerned about reports of tensions and fracas in some parts of the country over the biting effects of the Naira redesign policy.

“While I maintain that the policy is ill- advised and timed.

“I call on all Nigerians to maintain law and order, and to avoid violent reactions. I also urge all of us to express our collective anger at the polls. Let us all endure, persevere and keep our country safe.”