CENTRAL BANK OF NIGERIA BEGINS EVACUATION OF BANKNOTES TO EASE CIRCULATION

The Acting Director of the Corporate Communications Department of the Central Bank of Nigeria CBN, Isa Abdulmumin says it has commenced the evacuation of banknotes from its vaults to commercial banks across the country, in a bid to ease the circulation of naira notes of various denominations.

Abdulmumin confirmed this yesterday when he revealed that the apex bank has also directed all commercial banks to conduct physical operations in the banking halls on Saturdays and Sundays, as well as loading their Automated Teller Machines ATMs.

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

Abdulmumin noted that the governor of CBN, Godwin Emefiele, would personally lead teams to monitor the level of compliance by banks in various locations across the country, assuring that the current situation would ease soon with the injection of more banknotes into circulation.