• Sunday, April 21, 2024
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BusinessDay

Pains, queues ease as banks pay customers weekend

bank-queues

Banks across the country opened their doors to customers for withdrawals and deposits, bringing an end to long queues and pains suffered as a result of the cash crunch.

The Central Bank of Nigeria (CBN) had directed all commercial banks to open for operation on Saturdays and Sundays.

This came after the CBN had confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations.

Read also: Regulators approve Access Bank Zambia, African Banking Corporation’s mergers

Our correspondents visited the banks across Lagos and found that banks opened and loaded their Automated Teller Machines (ATMs) with cash as customers took turns to withdraw cash.

At Festac, one of GTBank’s branches was already open at 9.am when our correspondent visited the bank.

Customers stood around Access Bank, Fidelity bank at Oshodi waiting for the banks to open as at some minutes past 9am.

A bank staff who spoke with BusinessDay said her bank received N10 million to distribute across the branches and that one other bank got N2.2 billion.

One customer said she withdrew N100,000 as there are no restrictions on the amount to withdraw.

A source close to the CBN said individuals can withdraw as much as N500,000 and Corporate N3 million over the counter.

Details…