The Central Bank of Nigeria (CBN) has confirmed that it has massively increased the supply of cash to banks.
The CBN on Friday said it has commenced evacuation of bank notes from its vaults to commercial banks across the country.
The statement signed by Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin,said the evacuation is “part of a coordinated effort to ease the circulation of banknotes of various denominations”.
The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays.
It said: “a substantial amount of money, in various denominations had been received by the commercial banks for onward circulation to their respective customers”.
In addition, the CBN also directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.
“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” the apex bank said.
CBN Governor Godwin Emefiele, will “personally lead teams to monitor the level of compliance by the banks in various locations across the country on Monday”.