CBN directs banks to open weekends in a bid to alleviate Naira scarcity

It is anticipated that Mr. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), will personally oversee and ensure that banks will open their doors to customers today (Saturday) and tomorrow (Sunday).

The news that the apex bank had suspended the accounts of Fintech companies like OPAY and PALMPAY was described as fake by the bank.

Additionally, the bank confirmed that its banknotes had been transferred to commercial banks across the nation.

“As part of a coordinated effort to facilitate the circulation of banknotes of various denominations, the Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country. Additionally, it stated, “The CBN has directed all commercial banks to open on Saturdays and Sundays.”

This was made public by Dr. Isa AbdulMumin, Acting Director of the CBN’s Corporate Communications Department. He explained that the commercial banks had received a significant amount of money in a variety of denominations to distribute to their respective customers.

Isa went on to say that the apex bank had instructed all banks to load their Automated Teller Machines (ATMs) and carry out actual business in the banking halls throughout the weekend.

He added, “To attend to customers’ cash needs, branches of commercial banks will operate on Saturdays and Sundays,” and that the CBN governor would personally lead teams to monitor the banks’ compliance in various locations across the country.

The bankers’ bank advised Nigerians to be patient and stated that the current circumstance would soon improve as more banknotes entered circulation.

Yesterday, in Abuja, AbdulMumin told the News Agency of Nigeria (NAN) that the widespread rumor that it had suspended the accounts of Fintech companies like OPAY and PALMPAY was “pure and simple fake news.”

Reports making the rounds say that the CBN was about to suspend the accounts of Fintech companies due to their use in fraud.

Please stop using or keeping a lot of money in your account if you use OPAY, PALMPAY, or any of these Chinese apps or their POS.

Parts of the viral news stated, “The CBN is about suspending their accounts because these apps are being used to commit fraud.”
In distinct social media messages, OPAY and PALMPAY denied being on the CBN’s radar.

“The post mentioning the CBN shutting down our operations is false and misleading to the general public,” OPAY had stated.

A similar disclaimer had also been posted by PALMPAY, which stated: We are aware that PALMPAY’s closure by the CBN is currently being reported on social media. Please disregard any and all such misleading news.

The CBN’s mobile payment regulatory framework grants licenses to OPAY and PALMPAY.

They are intended to promote financial inclusion and provide mobile money services, including mobile payment services, to both banked and unbanked individuals.