SOME Nigerian banks did not open their doors for Saturday banking to accept deposits due to the euphoria of Christmas.
However, some other banks opened but not all their branches. For instance Zenith Bank operated on Saturday and did accept deposits, Access Bank opened in some designated branches, while Keystone Bank did not operate on Saturday.
“We are not going to open on Saturday, but our branch at Commercial Road, Apapa, will open,” said one of the Lagos staff of Access Bank.
It could be recalled that some Nigerian banks commenced Saturday banking towards the end of October 2022, as part of compliance measures to the CBN’s new rules on cash deposit.
After it announced plans to redesign the higher denomination of naira notes, the CBN directed all banks to keep open their currency processing centres from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
After it announced plans to redesign the higher denomination of naira notes, the CBN directed all banks to keep open their currency processing centres from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
On the amount of deposit so far returned into the banking system since the directive was issued, Godwin Emefiele, the CBN governor said: “The central bank has taken close to half a trillion. And with the banks we also have close to about half a trillion. So what we have done in the central bank was to move more people from different departments into currency processing so that they can process this cash as quickly as possible.”
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