Deposit Money Banks (DMOs) have been found to have complied with the Central Bank of Nigeria’s (CBN) mandate to issue more cash over the weekend.
On Friday, news outlets claimed that the apex bank directed all DMOs to be open on Saturdays and Sundays.
The central bank was also said to have begun a large deployment of banknotes from its vaults to commercial banks around the country as part of a concerted effort to facilitate the circulation of banknotes of various denominations.
Some banks cooperated with the directions, according to this online news outlet, as operations were held in the majority of the DMOs throughout the weekend.
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According to the article, numerous bank branches opened over the weekend and disbursed cash to customers using Automatic Teller Machines (ATMs) and over-the-counter transactions.
It was also observed that, while some banks simply stocked their ATMs to service consumers, others opened banking rooms for weekend operations.
It was also discovered that none of the banks in operation dispensed the new naira notes, despite the fact that clients did not mind collecting the old notes, which were also not new.
It was discovered that the banks’ branches around the Oshodi-Apapa Expressway and in the Gbagada district of Lagos opened on Saturday and Sunday and disbursed cash to their customers.
Similarly, the Access Bank branch at Sadiku Bus Stop on the Oshodi-Apapa Expressway dispensed cash through its ATMs, while the United Bank for Africa branch at Oshodi, near to the expressway, disbursed cash both in the banking hall and through its ATMs.
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Customers of the Access Bank branch next to it received N20,000, while holders of other banks” ATMs received N5,000.
In addition, the Fidelity Bank branch on Oshodi Expressway paid N20,000 inside the banking hall, while one of its three ATMs was determined to be working and disbursed N20,000 to its customers, while cards from other banks received N5,000.
Apart from the Guaranty Trust Bank, which opened for physical operations along the airport road, Stanbic IBTC stocked its ATMs with cash, while Zenith Bank remained closed.
Similarly, apart from Guaranty Trust Bank, which opened for business in Lagos State, others such as Union Bank Plc, Ecobank, Access Bank, Zenith Bank, and First Bank did not open, and their ATMs were not loaded when visited.
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