Naira Scarcity: Latest CBN News, Update On Naira Notes For March 25th, 2023

As the controversy associated with the new naira notes rages on, Naija News brings you the latest update on the controversial policy of the Central Bank of Nigeria (CBN).

Banks To Open On Saturday And Sunday As CBN Begins Massive Deployment Of Naira Notes

The Central Bank of Nigeria (CBN) on Friday directed all Deposit Money Banks (DMOs) to open for operation on Saturdays and Sundays.

Naija News reports that the apex bank has also commenced massive deployment 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.

This was made known on Friday by the Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin.

According to The Whistler, Abdulmumin stated that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

The CBN spokesperson said the apex bank has also directed all banks to load their Automated Teller Machines (ATMs) 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,” he noted.

Naira Scarcity: Banks Give Updates On Old Notes Circulation, Others

The Central Bank of Nigeria (CBN) has reportedly commenced the disbursement of old naira notes to Deposit Money Banks across the country.

Naija News reports that this is coming as government authorities step up efforts to end the naira scarcity that has caused chaos in the nation.

Recall that the CBN had directed DMBs to pick old ₦1,000, N500 and N200 notes at its offices across the country for onward disbursements to customers.

According to The PUNCH, commercial banks on Thursday got the old naira notes from CBN offices across the country.

Multiple bank sources including CEOs and top executives confirmed that the apex bank released old notes to banks.

“I can confirm to you that we received old notes from the CBN today, we also received a memo from the central bank to this effect,” the CEO of a commercial bank told The PUNCH on condition of anonymity.

Also, a general manager at a tier-2 bank told one of our correspondents that the lender got some old notes from the central bank on Thursday.

Cash Scarcity: NLC, CBN Meet In Abuja

The Central Bank of Nigeria (CBN) and the Nigeria Labour Congress (NLC) on Thursday met at the Labour House in Abuja.

This is coming hours after the leadership of NLC threatened to shut down all the branches of the CBN across the country over cash scarcity.

Joe Ajaero had advised workers to stockpile food items as the industrial dispute with the CBN will be total.

The decision of the NLC to ground the activities of the apex bank led to the impromptu meeting which started at about 5 pm on Thursday.

The two-man delegation made up of the CBN Deputy Governor in charge of operations and the Deputy Governor in charge of Economic Policy, told the NLC President that about two billion naira was pushed out on Thursday in a bid to address the hardship.

A source close to the meeting that spoke with Vanguard said the CBN promised to make sure that the scarcity of naira notes will end soon.