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Banks Comply With CBN’s Directive, Dispensed More Cash




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Deposit Money Banks (DMOs) have been observed to have obeyed the directive of the Central Bank of Nigeria (CBN) to dispense more cash at the weekend.

Naija News reported on Friday that the apex bank directed all DMOs to open for operation on Saturdays and Sundays.

It was gathered that the apex bank had also commenced massive deployment of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations.

This online news platform learnt that several banks complied with the directives as operations were held in the majority of the DMOs over the weekend.

According to The Punch, several branches of banks opened over the weekend and dispensed cash to their customers via Automated Teller Machines (ATMs) and over-the-counter.

It was also observed that while few of the banks just loaded their ATMs to tend to customers several others opened banking halls for operations at the weekend.

It was also observed that none of the banks that operated dispensed the new naira notes even though customers didn’t mind collecting the old notes which were not new as well.

It was learnt that the banks’ branches along the Oshodi-Apapa Expressway and Gbagada area of Lagos opened on Saturday and Sunday and subsequently dispensed cash to their customers.

Similarly, the Access Bank branch at Sadiku Bus stop along the Oshodi-Apapa Expressway dispensed cash via its ATMS, while the United Bank for Africa branch at Oshodi, close to the expressway also dispensed cash both in the banking hall and at its ATMs.

The Access Bank branch next to it allowed its customers to get N20,000 while holders of other banks’’ ATMs got N5,000.

Also, the Fidelity Bank branch at Oshodi expressway paid N20,000 inside the banking hall, while it was discovered that one of its three ATMs was operational and dispensed N20,000 to its customers, while cardholders of other banks got N5,000.

However, apart from the Guaranty Trust Bank opening for physical operations along the airport road, Stanbic IBTC loaded its ATMS with cash while Zenith Bank didn’t open for business.

Similarly, at the Ojodu-Berger axis of Lagos State, apart from Guaranty Trust Bank that opened for operations, others including Union Bank Plc, Ecobank, Access Bank, Zenith Bank, and First Bank were not opened and their ATMs were not loaded when visited.


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