Emefiele to Monitor Compliance, as CBN Confirms Evacuation of Banknotes to Commercial Banks

*Directs banks to open branches on Saturday,  Sunday

James Emejo in Abuja

The Governor of the Central Bank of Nigeria (CBN),  Mr. Godwin Emefiele, will personally lead the apex bank’s teams to monitor the level of compliance by the banks in various locations across the country, as the central bank Friday confirmed the evacuation of banknotes from its vaults to commercial banks.

The move is part of a coordinated effort to ease the circulation of banknotes of various denominations across the country.

The CBN acting Director, Corporate Communications Department,  Dr. Isa AbdulMumin, who disclosed this in a statement,  added that the bank had also directed all commercial banks to open for operation on Saturdays and Sundays.

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

AbdulMumin,  added that the CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

He said, “Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs.”

The CBN director,  therefore, urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.