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Naira Scarcity: Latest CBN News, Update On Naira Notes For March 29th, 2023

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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 Redesign: Emefiele Sued Over Disregard For Court Orders

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been dragged to court for alleged disobedience of the Supreme Court orders over the naira redesign policy.

A Lagos-based activist-lawyer, Tope Alabi, dragged Emefiele before the Federal High Court in Lagos in an application dated March 27.

Describing the naira swap as a “cash confiscation policy”, he said it had affected the day-to-day running of his office as his staff could not make it to work daily due to the non-availability of physical cash, adding that commercial drivers “do not have point of sale (POS) device/machine to collect fares.”

The lawyer filed a 28-page affidavit in support of his application wherein he claimed that the Supreme Court on March 10, in Suit No. SC. 162/2023, “directed Emefiele to make available and allow the old naira notes of N200, N500 and N1000 to co-exist as legal tender with the new N200, N500 and N1000 notes till December 2023.”

“The respondent who had withdrawn N200, N500 and 1000 old notes from circulation on 10 February 2023 has refused to comply with the Order of the Supreme Court made on 10 March 2023 till date by releasing the old notes to circulation.”

NLC Gives CBN Two Weeks To Circulate Naira Across Nigeria

The Nigeria Labour Congress (NLC) on Tuesday suspended its strike scheduled for Wednesday over the Naira scarcity rocking the nation.

Naija News had earlier reported that NLC threatened to begin an indefinite strike tomorrow (Wednesday).

The labour group further stated that it would picket branches of the Central Bank of Nigeria across the country.

Presidents of NLC, Joe Ajaero and Trade Union Congress (TUC), Festus Osifo said this during a joint press conference on Tuesday in Abuja at the end of their National Executive Council meetings.

Ajaero said after receiving briefings from its State councils in the 36 States and the Federal Capital Territory, the NLC decided to defer the planned stay-at-home directive issued to workers last week.

The two Labour bodies said they would monitor the availability of cash in commercial banks for two weeks before deciding on the next line of action.

Naira Scarcity: Details Of Meeting Between FG, NLC And CBN Emerge

The details of the meeting between the Federal Government, the Nigeria Labour Congress ( NLC), and the Central Bank of Nigeria (CBN) have emerged.

Recall that the CBN delegation led by its governor, Godwin Emefiele and the NLC leadership led by its President, Comrade Joe Ajaeo, met with the Minister of Labour and Employment, Chris Ngige, on Mondy evening, over a planned nationwide strike and protest.

This meeting comes hours after the NLC directed all its chapters across the country to mobilize for a protest at all the branches of the CBN over the scarcity of naira that has brought untold hardship t Nigerians.

Addressing reporters during the weekly Ministerial Briefing at the State House, Abuja, on Tuesday, Ngige said the workers union has suspended the plan to shut down activities at all the branches of the CBN over naira scarcity.

Ngige said his ministry coordinated the meeting between the CBN and the NLC, stating that the apex bank had taken steps to remedy the situation.

The minister said as at the moment, the issue to be discussed by NLC in its National Executive Council (NEC) meeting would no longer be issues of protest, which he said had already been apprehended.

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