March 25, 2023

Naira Scarcity: Customers elated as banks open for weekend operations

cash payout

In compliance with the Central Bank of Nigeria’s (CBN) directive, most Deposit Money Banks (DMB) branches in Kubwa opened for operations on Saturday.

Checks by the News Agency of Nigeria saw a huge crowd of customers, with bank officials making efforts to meet their cash needs.

The banks were, however, dispensing the old Naira notes.

While a few of the banks had their Automated Teller Machines (ATMs) dispensing cash, others simply attended to their customers through the counters.

At the Access Bank branch on Gado Nasko Road, Kubwa, customers were allowed to withdraw a maximum of N20,000 through the counter and N10,000 from the ATMs.

Non-Access Bank customers were, however, allowed to withdraw a maximum of N2,000 from the ATM.

At Fidelity Bank branch on the same axis, the ATMs were yet to start dispensing cash, but customers were allowed to withdraw a maximum of N10,000 from the counters.

The Stanbic IBTC branch allowed for a maximum withdrawal of N30,000 through the counter, while the ATMs were not dispensing.

Some other banks like First Bank, Guaranty Trust Bank (GTB), United Bank for Africa (UBA), Union Bank and Unity Bank also had a large turnout of customers.

A resident of Kubwa, Abbas Ibrahim, expressed relief that the CBN had finally allowed the use of the old Naira notes till December.

“At least, between now and December all the stakeholders should have been fully prepared for the Naira redesign,” he said.

Another resident, Sule Aliu, also commended the apex bank for directing banks to work during the weekend.

“At this rate, within the next one week the situation will become normalised, ” he said.

The News Agency of Nigeria (NAN) reports that the CBN had on Friday, confirmed the evacuation of banknotes from its vaults to DMBs across the country.

In a statement by Dr Isa AbdulMumin, the Acting Director, Corporate Communications, the apex bank also directed all DMBs to open for operation on Saturday and Sunday to meet their customers’ demand.

According to AbdulMumin, a substantial amount of money in various denominations had been received by the banks for onward circulation to their customers.

“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.

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

He said that the CBN Governor, Mr Godwin Emefiele would personally monitor the compliance of the commercial banks to the directive.

He urged Nigerians to exercise patience as the current situation would soon ease off with the injection of more banknotes into circulation.