Banks confirm receiving more cash, load ATMs

The Central Bank of Nigeria (CBN) has released billions of naira to Deposit Money Banks (DMBs) to increase the amount of cash in circulation. The release of these funds comes after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents. On Thursday, the CBN began the release of these funds to DMBs and continued to release several billion naira on Friday.

Many banks complied with the order of the CBN to open their branches over the weekend to attend to customers and dispense cash via Automated Teller Machines (ATMs) and over-the-counter. Customers of Access Bank, United Bank for Africa, and Fidelity Bank in Lagos were able to get N20,000 over-the-counter. Customers at the Access Bank branch were also able to get N20,000, while holders of other banks’ ATMs got N5,000 only.

Although the naira notes were not crisp, customers did not seem to mind as they were just happy to receive cash. In Ogun State, all ATMs were fully loaded with cash, and both old and new naira notes were dispensed. Additionally, there were no long queues, and bank customers were allowed to carry out their normal transactions.

However, along the Ojodu-Berger axis of Lagos State, only Guaranty Trust Bank opened for physical operations, and its ATMs were loaded with cash. All six banks, apart from Guaranty Trust Bank, did not open their banking halls to customers, and ATMs were not loaded.

In conclusion, the CBN’s efforts to flood the economy with more cash have been welcomed by customers who have been struggling due to the cash crunch. Many banks have complied with the order to open their branches over the weekend to attend to customers and dispense cash, while some have yet to follow suit.