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Nigerians Besiege Banks, Make Withdrawals On Saturday As Naira Scarcity Eases

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March 25, 2023

SaharaReporters gathered that some ATM machines started to dispense up to N10,000 per withdrawal, implying that the cash crunch created by Naira Swap Policy may come to an end in short time.

Nigerians were seen in their numbers at various branches of commercial banks nationwide on Saturday to withdraw Naira notes in compliance with the directive given by the Central Bank of Nigeria to commercial banks.

SaharaReporters gathered that some ATM machines started to dispense up to N10,000 per withdrawal, implying that the cash crunch created by Naira Swap Policy may come to an end in short time.

In the Federal Capital Territory, Abuja, and in Lagos, banks opened in most areas between 10am and 1pm and dispensed cash to customers, while also loading their ATM machines to reduce the pressure.

SaharaReporters however observed that the old notes were the ones being dispensed by most banks.

Recall that the CBN vowed to personally supervise and ensure that banks’ doors were open to customers on Saturday and tomorrow (Sunday).

The bank also confirmed the evacuation of banknotes from its vaults to commercial banks across the country.

“The Central Bank of Nigeria (CBN) has confirmed the evacuation 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. The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays,” it had stated.

The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, who disclosed this, explained that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

SaharaReporters had earlier reported how traders, artisans, PoS operators, and students, among others, who visited bank branches, said they were disappointed as they could not withdraw the amounts they wanted.

While some said they were only given between N5,000 and N10,000 some few others managed to get N20,000, which indicated that the CBN was not releasing the old notes it had already mopped out of circulation.