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We’ve sent substantial amount of money to commercial banks across Nigeria — CBN

The Central Bank of Nigeria (CBN) revealed that it has sent substantial amount of banknotes to commercial banks across Nigeria.

The CBN said this was one of the measures to facilitate the circulation of naira notes of various denominations.

The apex bank also ordered all commercial banks to operate on Saturdays and Sundays.

This was revealed in a statement released by the spokesperson of the apex bank, Isa Abdulmumin on Friday March 24.

He said the CBN has forwarded substantial amount of, money in various denominations to commercial banks across the federation to ease circulation of naira notes to their respective customers.

He further said the apex bank has ordered the commercial banks to fill up their automated teller machines (ATMs) and also proceed with 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 statement reads.

The spokesperson said the CBN boss, Godwin Emefiele would personally lead monitoring teams to supervise the level of compliance in various commercial banks across the country.

He implored members of the public to remain calm as the cash scarcity would soon become a thing of the past.

The CBN had earlier declared its readiness to flood commercial banks with more old N1000 and N500 notes.

Sources within the apex bank revealed that the head offices of the commercial banks had been communicated to collect the old notes earlier forwarded to the CBN.

“Banks have been instructed to collect the old naira notes they deposited in the CBN. Before the end of the week, the country would be awash with naira notes,” the source said.

It was gathered that the old naira may be sent to branches of the commercial banks today.

This came at the moment which the Nigerian Labour Congress (Congress) NLC ordered it’s members to embark on strike beginning from next week Wednesday.

The Nigeria Labour Congress (NLC) has ordered all workers in the public sector to go on strike beginning from Wednesday next week.

This was revealed by the president of the Congress, Joe Ajaero, in a media briefing at Labour House in Abuja on Wednesday March 22, 2023.

He also ordered that affiliate unions which constitute the NLC to be on standby for picketing exercise across all Central Bank of Nigeria, CBN’s branches in the country.

He said the directive came following the end of 1 week ultimatum given to the CBN to make money (cash) available for the people.

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