Banks comply with CBN’s directive to operate on weekends

Commercial banks in Nigeria’s economic capital, Lagos opened up for operations, dispensing cash to their customers as directed by the Central Bank of Nigeria (CBN).

Last week, the CBN had instructed banks to open on Saturdays and Sundays in efforts to ease the circulation of banknotes of various denominations, noting that it has evacuated banknotes from its vaults to commercial banks across the country.

This came after the Nigeria Labour Congress (NLC) threatened to embark on a strike from Wednesday next week, over the protracted cash shortage in the country.

Hours after the CBN issued the order on Friday, major banks asked their customers, via email, to visit their branches at the weekend for cash withdrawals.

While some banks said only certain branches would be open to customers, others stated that all branches would be in operation.

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At the Lotus Bank branch at Akowonjo road, Egbeda, it was observed that customers were paid over the counter, with a N20,000 cap.

At the time of the visit, Stanbic IBTC bank branches at Abule Ado and Oshodi paid a maximum of N20,000 over the counter and N10,000 via automated teller machines (ATMs) to their customers.

According to a staff of one the banks, banks have fully complied with the CBN directive, but it is strictly for withdrawals, noting that other services would have to wait till Monday.

“We are only open for withdrawal services and so, customer service is not available. Customers will have to come on Monday for that,” she said.

Asked why there was a withdrawal limit, she said the mechanism was deployed to ensure that all customers were attended to.

At Zenith Bank and Guaranty Trust Bank branches at Abule Ado and Akowonjo, there were no withdrawal services.

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At the Zenith Bank branch in Abule Ado, a security officer said “my madam told me to tell you all that we do not have cash. They have not brought cash for the past few days. We are still expecting it,” he added.

He also claimed to have received orders from his superiors to enquire if customers wanted to make deposits so as to enable the bank to recirculate the cash to others.

“I am very disappointed. I have been here since 5am and this man (the security officer) is just coming out now to pass this information,” a customer, who had distributed numbers to customers, said.

Meanwhile, this is not the first time the CBN would instruct banks to operate on weekends.

In November last year, when the impact of the naira redesign policy began to peak, the apex bank ordered deposit money banks (DMBs) to work on weekends to allow customers to deposit their old currency notes in view of the then January 31 deadline.