It’s been a tough time for Nigerians due to this cash scarcity issue. CBN has finally bowed to pressure, as The Central Bank of Nigeria has directed that all commercial banks extend their working time to Saturday and Sunday to attend to customers, to issue cash to customers to ease the circulation of money.
The statement was disclosed by Isa Abdulmumin, the CBN Acting Director Corporate Communications Department on Friday afternoon. According to the statement, the CBN has Evacuated from its vaults, several denominations of banknotes to commercial banks across the country.
And that banks are expected to load their Automated Teller Machine with Cash and that the CBN Governor will send teams to monitor the compliance by banks across the country.
Excerpts of the statement read: “The CBN has directed all banks to load their Automated Teller Machines, as well as conduct physical operations in the banking halls through the weekends.
“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,” it stressed
This is a welcome innovation as the Nigeria Labour Union has threatened that they’ll o on strike on Wednesday as they cannot continue to overlook the hardship this cash crunch has cost its workers. This will help pacify the Union as the union is also planning on protesting at CBN on Monday.
