Nigeria orders commercial banks to facilitate banknotes circulation

By Bosun

LAGOS, March 24 (Xinhua) -- Nigeria's apex bank on Friday instructed commercial banks in the country to work on Saturdays and Sundays to facilitate the circulation of banknotes of various denominations.

In a statement issued by its spokesperson Isa AbdulMumin, the Central Bank of Nigeria (CBN) confirmed the evacuation of banknotes from its vaults to commercial banks nationwide.

The move is part of a coordinated effort to meet their customers' demands, AbdulMumin said, noting the country has been facing a shortage of cash for a while.

According to him, the banks had received a sizable sum of money in various denominations for distribution to their clients.

"The CBN has also 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, while urging Nigerians to exercise patience, as the current situation would soon ease off with the injection of more banknotes into circulation.

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