screwball Posted March 27, 2023 Report Share Posted March 27, 2023 BREAKING: Central Bank Of Nigeria Orders Commercial Banks To Operate During Weekends Over Naira Scarcity March 24, 2023 NEWS The bank advised Nigerians to exercise patience because the current situation would soon improve once more banknotes entered circulation. As part of a coordinated effort to ease the circulation of banknotes of various denominations, the Nigerian Central Bank has ordered all commercial banks to open on Saturdays and Sundays. This was stated in a release by the CBN Acting Director, Corporate Communications Department, Isa AbdulMumin, in Abuja on Friday afternoon, stating that the banknotes from its vaults had been evacuated to commercial banks across the country. The statement claimed that the commercial banks had received a sizeable sum of money in various denominations, which they would use to distribute to their respective customers and carry out physical operations in the banking halls on the weekends. Part of the statement read, “The CBN had directed all banks to load their Automated Teller Machines as well as conduct physical operations in the banking halls through the weekends. “Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs. “The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.” The bank advised Nigerians to exercise patience because the current situation would soon improve once more banknotes entered circulation. Following a Supreme Court decision and a proposed protest by the Nigeria Labour Congress for the following week, authorities have increased efforts to end the biting currency scarcity that has caused pain to millions of bank customers nationwide. Recall that Pan-Yoruba socio-political organisation, Afenifere, had called on President Muhammadu Buhari to order the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to supply commercial banks across the country with the old and new Naira notes to end the lingering Naira scarcity in the country. https://saharareporters.com/2023/03/24/breaking-central-bank-nigeria-orders-commercial-banks-operate-during-weekends-over-naira 5 1 Quote Link to comment Share on other sites More sharing options...
Luigi1 Posted March 28, 2023 Report Share Posted March 28, 2023 1 hour ago, screwball said: The statement claimed that the commercial banks had received a sizeable sum of money in various denominations, which they would use to distribute to their respective customers and carry out physical operations in the banking halls on the weekends. This could only mean one thing. The ATMs will be loaded with the new small denoms. There is a hard currency shortage in Iraq right now with the three zero notes. So where else are the sizable sums of money in various denominations coming from? 2 1 Quote Link to comment Share on other sites More sharing options...
cranman Posted March 28, 2023 Report Share Posted March 28, 2023 Are talking about Nigerian money? Why is this relevant? 1 1 Quote Link to comment Share on other sites More sharing options...
Luigi1 Posted March 28, 2023 Report Share Posted March 28, 2023 1 minute ago, cranman said: Are talking about Nigerian money? Why is this relevant? As part of the GCR the small demoms are going to take place in the first basket of currencies involving other nations besides Iraq. Iraq will still be the main focal point, the king pin in all this. IMHO. 6 1 Quote Link to comment Share on other sites More sharing options...
G Mitchell Posted March 28, 2023 Report Share Posted March 28, 2023 Not relevant to Dinarians. 1 4 Quote Link to comment Share on other sites More sharing options...
Shedagal Posted March 28, 2023 Report Share Posted March 28, 2023 14 minutes ago, G Mitchell said: Not relevant to Dinarians. It's all connected. Wow, I am so saddened that with as much as is posted on this site, people remain clueless. 1 5 2 Quote Link to comment Share on other sites More sharing options...
screwball Posted March 28, 2023 Author Report Share Posted March 28, 2023 59 minutes ago, Luigi1 said: This could only mean one thing. The ATMs will be loaded with the new small denoms. There is a hard currency shortage in Iraq right now with the three zero notes. So where else are the sizable sums of money in various denominations coming from? well i find it interesting because of what the Kenyan President announced on video about USD in country??? that's two West African countries coming off the back of Putin wiping their debt...what was interesting was loading with various denominations its like they are expecting a rate change? 6 1 Quote Link to comment Share on other sites More sharing options...
Longtimelurker Posted March 28, 2023 Report Share Posted March 28, 2023 17 minutes ago, screwball said: well i find it interesting because of what the Kenyan President announced on video about USD in country??? that's two West African countries coming off the back of Putin wiping their debt...what was interesting was loading with various denominations its like they are expecting a rate change? Definitely intriguing. 1 2 Quote Link to comment Share on other sites More sharing options...
screwball Posted March 28, 2023 Author Report Share Posted March 28, 2023 21 minutes ago, Longtimelurker said: Definitely intriguing. could be something or be nothing... 2 1 Quote Link to comment Share on other sites More sharing options...
Stabstones Posted March 28, 2023 Report Share Posted March 28, 2023 1 hour ago, screwball said: could be something or be nothing... Could be Something 2 Quote Link to comment Share on other sites More sharing options...
coorslite21 Posted March 28, 2023 Report Share Posted March 28, 2023 This might add some clarity to the lower denomination situation in Nigeria.... Also guessing they will be dumping the USD and Petrodollar as part of the deal in the Russian debt forgiveness event..... ###### Nigerian governor says new banknotes will lessen cash hoarding - Central Banking https://www.centralbanking.com/central-banks/currency/banknotes/7953595/nigerian-governor-says-redenomination-will-lessen-cash-hoarding Highlights BANKNOTES Nigerian governor says new banknotes will lessen cash hoarding Central Banking Newsdesk 08 Nov 2022 Tweet Facebook LinkedIn Save this article Send to Print this page The Nigerian central bank said it would replace certain banknotes to counteract what its governor called widespread cash hoarding, despite the finance minister expressing disapproval. Central Bank of Nigeria governor Godwin Emefiele announced on October 26 that it would introduce new banknotes for 200, 500, and 1000 naira. At official rates, 200 naira is worth 45 US cents, but Nigeria has extensive informal currency markets offering a much weaker exchange rate. Emefiele said the central bank YOU MAY ALSO LIKE Central Banking Awards 2023 – the winners in full 27 MAR 2023 Towards legal CBDCs 27 MAR 2023 Nigerian governor extends banknote replacement scheme 30 JAN 2023 Nigerian court orders security service to stop harassing governor 6 JAN 2023 Nigerian lawyers call for security service to end pursuit of governor 16 JAN 2023 MORE ON BANKNOTES Banknotes Banknote themes in motion 09 MAR 2023 Banknotes Currency round-up: Ukraine issues war anniversary note 01 MAR 2023 Banknotes Marks (and sizes and colours) of distinction 27 FEB 2023 Banknotes Currency round-up: Charles III causes controversy 22 FEB 2023 Banknotes Bank of Uganda denies issuing warning on currency ‘bouquets’ 10 FEB 2023 Banknotes Nigeria cash changeover hangs in balance after court order 09 FEB 2023 Banknotes Argentina will introduce new highest-denomination note 03 FEB 2023 Banknotes Australia will not put king’s image on banknote 02 FEB 2023 MOST READ Reserve manager: Central Bank of Brazil Central Banking Awards 2023: third group of winners announced Lifetime achievement: Stefan Ingves Central Banking Awards 2023: final group of winners revealed Payments and market infrastructure development: Central Bank of Somalia Central Banking Awards 2023: first group of winners revealed Governor of the year: Shaktikanta Das How Finma milked Credit Suisse’s CoCos to close UBS deal Central bank of the year: National Bank of Ukraine support Services Legal & Privacy Useful links Follow topics Twitter Linkedin Newsletters Facebook Apps RSS © Infopro Digital 2023 © Infopro Digital Risk (IP) Limited (2023). All rights reserved. Published by Infopro Digital Services Limited, 133 Houndsditch, London, EC3A 7BX. Companies are registered in England and Wales with company registration numbers 09232733 & 04699701. × Central Banking Infopro Digital Services FREE - In Google Play Install Copyright Infopro Digital Limited. All rights reserved. You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/ If you would like to purchase additional rights please email info@centralbanking.com 3 2 Quote Link to comment Share on other sites More sharing options...
rvmydinar Posted March 28, 2023 Report Share Posted March 28, 2023 9 hours ago, cranman said: Are talking about Nigerian money? Why is this relevant? Quote Link to comment Share on other sites More sharing options...
coorslite21 Posted March 28, 2023 Report Share Posted March 28, 2023 2 hours ago, rvmydinar said: Yes... this is what Nigeria is doing....CL Quote Link to comment Share on other sites More sharing options...
rvmydinar Posted March 28, 2023 Report Share Posted March 28, 2023 3 hours ago, coorslite21 said: Yes... this is what Nigeria is doing....CL Are both Nigeria and Iraq planning to release new lower denoms and RV their currency this year 2023? Quote Link to comment Share on other sites More sharing options...
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