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Naira Scarcity: Latest CBN News, Update On Naira Notes For March 28th, 2023




Naira Appreciates By 0.66% After Emefiele's Suspension

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).

Naira Scarcity: NLC Issues Fresh Directive To Nigerians, Gives Update On Strike

The Nigeria Labour Congress (NLC) has directed Nigerians to report any commercial bank not dispensing cash to its state councils.

Naija News reports that the directive was given ahead of a planned strike by labour unions over the scarcity of naira notes across the country.

NLC gave the directive at weekend after its NEC meeting on Friday where affiliate unions and state councils of NLC were directed to monitor the cash situation and how banks were dispensing naira notes to workers.

It was gathered that leaders of the NLC have fixed a meeting of the National Executive Council (NEC) for Tuesday to take a final decision on Wednesday’s planned nationwide strike.

Speaking to Vanguard on Sunday, NLC resident, Joe Ajaero, said: “Our affiliate unions and state councils were directed to monitor the situation. Workers have been directed to report banks not dispensing cash to NLC state offices.

”Our state councils and affiliates unions are to report back to us the prevailing situations in their states by Tuesday when we will hold another NEC meeting. The report we get from them will determine our next line of action.”

Banks Comply With CBN’s Directive, Dispensed More Cash

Deposit Money Banks (DMOs) have been observed to have obeyed the directive of the Central Bank of Nigeria (CBN) to dispense more cash at the weekend.

Naija News reported on Friday that the apex bank directed all DMOs to open for operation on Saturdays and Sundays.

It was gathered that the apex bank had 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 online news platform learnt that several banks complied with the directives as operations were held in the majority of the DMOs over the weekend.

According to The Punch, several branches of banks opened over the weekend and dispensed cash to their customers via Automated Teller Machines (ATMs) and over-the-counter.

It was also observed that while few of the banks just loaded their ATMs to tend to customers several others opened banking halls for operations at the weekend.

It was also observed that none of the banks that operated dispensed the new naira notes even though customers didn’t mind collecting the old notes which were not new as well.

NLC Strike May Not Happen As CBN Opens Vault To Banks

There are high hopes that the planned strike by the Nigeria Labour Congress (NLC) may not happen again as the Central Bank of Nigeria (CBN) opened its vaults to commercial banks to circulate banknotes.

Naija News reports that there has been untold hardship for the citizens for many weeks since the CBN redesigned the country’s banknotes and introduced a new cash swap policy.

Due to the development, the NLC had planned to embark on an industrial action on Wednesday to protest the naira scarcity in Nigeria.

Reports, however, revealed that the cash crunch is beginning to ease as residents of Lagos, Enugu, Kano and Port Harcourt smiled home last weekend as they could withdraw from Automated Teller Machines (ATMs) and banking halls.

The Guardian suggests that gradual easing of the naira scarcity could force the NLC to shelve its planned strike.

Naija News understands that the NLC National Executive Council (NEC) will meet on Tuesday (tomorrow) to reassess and review cash availability across the nation and finalise its strategies.

Speaking with journalists on Sunday, the President of the NLC, Joe Ajaero, explained that the labour group NEC would meet on Tuesday to review the situation and compliance by banks to alleviate the sufferings Nigerians are currently going through over the naira scarcity.

He said that if the compliance level across the country is high to the extent that Nigerians can easily access their money, the NLC might suspend the nationwide strike.

A source privy to a meeting between NLC and the CBN told the publication that the apex bank said it had disbursed N20 billion to banks nationwide, adding that banks in Lagos got N4 billion, while Abuja branches received N2 billion.

George Oshogwe Ogbolu is a Digital Media Strategist | Content Writer | Journalist | New Media Influencer | Proofreader and Editor at Naija News.