Banks Comply With CBN’s Directive, Disburse Cash To Customers On Weekend

Banks across Lagos and Ogun states, began to dispense cash through their Automated Teller Machines(ATMs) yesterday, as the Central Bank of Nigeria (CBN) had disbursed cash to them from its vault to ease the cash crunch in the country.

Although the CBN had directed that banks open for business yesterday (Saturday) and today (Sunday), LEADERSHIP findings showed that many of the banks’ branches were not open to customers but the ATMs were dispensing cash.

Around Ikeja axis of Lagos, LEADERSHIP SUNDAY findings showed that all the Automated Tellers Machines(ATMs) were disbursing a maximum of N20,000 per customer. The same was also seen around Agege Alimosho and Abule Egba Axis of the state.

Banks along Oba-Akran way, in Ikeja, Ogba area, Fagba, Abule-Egba, Maryland, Ikorodu road, Victoria Island, among others, had their ATMs dispensing to customers, although, only few of them opened their Banking hall. 

Banks in Ota, Sango, Joju areas of Ogun State equally had their ATMs paying cash while few banks opened  their banking premises to receive and paid cash to customers to ease the naira crunch in the country. 

CBN Directs Banks To Open On Weekends For Currency Disbursement

Checks showed that Guaranty Trust Bank, First Bank, and Union Bank, were most compliant as some of their branches were opened to customers. It was observed that at both banking halls and ATMs, the banks were dispensing N20,000 cash which were  old notes. 

This is expected to continue today as banks intensified efforts to make cash available to their customers across the country. 

The Central Bank of Nigeria (CBN) had earlier directed all commercial banks beginning from this weekend, to open for operation on Saturdays and Sundays, as their operations would also be personally monitored by the CBN governor, Godwin Emefiele, to ascertain the level of compliance. 

The apex bank had earlier disclosed that evacuation of banknotes from CBN vaults to commercial banks across the country was ongoing as part of a coordinated effort to ease the circulation of banknotes of various denominations.

The Acting director, Corporate Communications department of the CBN, Dr. Isa AbdulMumin, confirmed this on Friday, also confirmed that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

“The CBN has 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.According to him, the CBN has 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.