The Central Bank of Nigeria (CBN) has announced its plan to ease the current shortage of banknotes across the country by distributing cash to commercial banks. This move is aimed at increasing the circulation of banknotes of various denominations, which would help address the ongoing naira crunch.
According to a statement from the CBN spokesperson, Isa AbdulMumin, the apex bank has already evacuated banknotes from its vaults to commercial banks across Nigeria. The commercial banks will, in turn, distribute the cash to their respective customers.
To further ensure that the banks are adequately stocked with cash, the CBN has also directed all commercial banks to open for business on Saturdays and Sundays. This means that customers can now visit their bank branches over the weekend to access cash and carry out other banking transactions.
Furthermore, the CBN governor, Mr. Godwin Emefiele, will personally lead teams to monitor compliance with the directive across various locations in the country. This move is expected to alleviate the current cash crunch and make it easier for Nigerians to access the cash they need.
The CBN has been working to address the naira crunch for some time now, and this latest move is a step in the right direction. The shortage of banknotes has led to long queues at ATMs and bank branches, making it difficult for Nigerians to access the cash they need for their daily transactions.
By distributing cash to commercial banks and directing them to open over the weekend, the CBN is taking proactive steps to ease the current cash crunch and ensure that Nigerians have access to the cash they need. This move is expected to provide some relief for Nigerians who have been struggling to access cash in recent times.
