The Central Bank of Nigeria (CBN) has increased its efforts to supply the economy with more cash by releasing more old notes to Deposit Money Banks (DMBs) after a prolonged cash crunch that has affected millions of Nigerians.
The CBN released several billions of naira to DMBs over the weekend, prompting many bank branches in Lagos, Abuja, Ogun, and other states to open and dispense cash to customers via Automated Teller Machines (ATMs) and over-the-counter. Most banks complied with the CBN’s order, with some branches opening on Saturday and Sunday.
The banks dispensed both old and new naira notes, with some customers receiving N20,000 over-the-counter, while others received N5,000. However, our correspondent noted that none of the banks dispensed crisp naira notes, and customers did not seem to mind as long as they received cash.
