The Central Bank of Nigeria (CBN) directed all commercial banks to operate on Saturdays and Sundays, aiming to ease the circulation of banknotes of various denominations. The CBN confirmed that it had evacuated banknotes from its vaults to commercial banks nationwide to address the hardship caused by the scarcity of the naira. Following a meeting on Wednesday between CBN Governor Godwin Emefiele and bank chief executive officers, the apex bank began disbursing the old naira notes to banks on Thursday as part of its effort to end the currency shortage. The CBN also finalized plans to monitor bank compliance through a team of officials to ensure proper distribution of the notes.
Delegates from the CBN met with the Nigeria Labour Congress (NLC) at Labour House in Abuja on Thursday to discuss the planned protest over the naira shortage. NLC President Joe Ajaero lamented that the situation had not improved despite the Supreme Court order that the old N200, N500 and N1,000 notes remain legal tender until 31 December 2023. The union announced it would proceed with a nationwide strike next Wednesday until conditions normalize.
In a statement signed by CBN Acting Director of Corporate Communications Isa Abdul‑Mumin, the bank reported that a substantial amount of cash in various denominations had been received by commercial banks for onward circulation to customers and for conducting physical operations over the weekend. “The CBN has directed all banks to load their Automated Teller Machines and to conduct physical operations in banking halls on weekends,” the statement read. “Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs. The Governor, Mr Emefiele, will personally lead teams to monitor compliance across the country.” Consequently, several deposit‑money banks issued statements on Friday indicating they would be open for cash withdrawals and deposits on Saturday and Sunday.
Guaranty Trust Bank, Zenith Bank, Stanbic IBTC and Union Bank announced on Twitter that their branches would be open from 9 a.m. to 4 p.m. on both days. Sterling Bank emailed a correspondent, stating that its branches would be open on Saturday 25 March and Sunday 26 March 2023, from 10 a.m. to 4 p.m., and noting that old notes remain legal tender and the CBN portal is no longer required for depositing old notes.
However, employees of deposit‑money banks expressed frustration on Friday over the inadequate disbursement of old naira notes by the CBN. Represented by the National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE) and the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), the workers said the short cash supply hampered their ability to meet customers’ needs, increase withdrawals and reduce crowding at bank premises. They warned they would join the NLC’s planned strike if the situation did not improve.
Speaking to Saturday on Friday, NUBIFIE President Anthony Abakpa said banks would serve customers if they had sufficient cash. “In the last three weeks some banks paid N5,000, N10,000 or N20,000 to customers across the counter, but it’s not constant. The CBN should make cash available so banks can consistently pay N20,000, which would satisfy people. The cash is still not enough; if nothing is done we’ll be forced to strike. We are 100 % supportive,” he added.
ASSBIFI President Soji Oluwole stressed that the CBN must release funds consistently for the new directive to have a positive impact. “What was released to banks in Lagos and Abuja will not be enough. The challenges will not disappear overnight, and public trust is eroding as people try to hoard cash in case the crisis recurs. If availability improves, we may see a gradual easing next week or the following week. ASSBIFI is part of the Trade Union Congress, and our affiliate union NUBIFIE is part of the NLC. An NLC action will affect the entire industry. We have not received any directive from the TUC yet, but once we do, we will act accordingly.”
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