The Central Bank of Nigeria (CBN) has begun releasing additional old notes to Deposit Money Banks (DMBs) as part of its effort to flood the economy with cash after a prolonged shortage that has strained millions of Nigerians and residents. On Thursday, the CBN started distributing billions of naira to DMBs, and bank officials reported that several more billions were released on Friday. Consequently, many bank branches opened over the weekend to dispense cash through Automated Teller Machines (ATMs) and over‑the‑counter services.
Several banks sent emails to their customers informing them that they would be open for banking operations over the weekend, as directed by the CBN. Visits to branches in Lagos, Abuja, Ogun, and other states showed that most banks complied with the order, serving customers both inside the banking halls and at ATMs. In Lagos, branches along the Oshodi‑Apapa Expressway and in the Gbagada area opened on Saturday and Sunday, dispensing cash to their clients. For example, the Access Bank branch at Sadiku Bus Stop dispensed cash via its ATMs, while the United Bank for Africa (UBA) branch at Oshodi provided cash both in the hall and at its ATMs, allowing customers to withdraw N20,000 over‑the‑counter. The neighboring Access Bank branch also permitted N20,000 withdrawals, whereas other banks’ ATMs limited withdrawals to N5,000. Fidelity Bank’s Oshodi branch paid N20,000 inside the hall; of its three ATMs, only one dispensed cash, offering N5,000 to other banks’ customers and N20,000 to its own.
Our correspondent noted that the notes dispensed were not crisp; the CBN had separated mutilated notes before handing them to customers, but customers seemed indifferent as long as they received cash. A taxi driver, identified as Baba Taju, remarked, “The kind of naira notes doesn’t matter as long as I get some to spend. What did we do when we couldn’t get any cash? Any cash is welcome.” In the Federal Capital Territory, customers continued to receive naira notes on Sunday, with crowds gathering at ATM galleries and over‑the‑counter counters. Along Airport Road, only Guaranty Trust Bank opened for physical operations; Stanbic IBTC loaded its ATMs with cash, while Zenith Bank remained closed.
In Ogun State, visits to Zenith Bank, PremiumTrust Bank, GTB, Unity Bank, and Access Bank branches in Redemption Camp along the Lagos‑Ibadan Expressway showed that all ATMs were fully loaded with cash. There were no long queues, and after the Sunday service, customers were able to walk in and conduct normal transactions, receiving both old and new naira notes. Conversely, along the Ojodu‑Berger axis of Lagos State, six banks—Union Bank Plc, Ecobank, Access Bank, GTB, Zenith Bank, and First Bank—did not open their banking halls, and their ATMs were not loaded, except for Guaranty Trust Bank, which remained operational.
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