BREAKING: CBN Takes Proactive Measure To End Naira Scarcity Before NLC Nationwide Strike

CBN has taken proactive measures to end Naira Scarcity in Nigeria before NLC Nationwide Strike next week.

 

NewsOnline reports that the Central Bank of Nigeria (CBN) has taken proactive measures to end Naira Scarcity in Nigeria before NLC Nationwide Strike next week by confirming the evacuation 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.

 

Recall that the President of the Nigeria Labour Congress, Joe Ajaero had on Wednesday, March 22, 2023 directed public sector workers in the country to embark on strike beginning from Wednesday next week.

 

TRENDING: Super Eagles’ Starting XI For Nigeria Vs Guinea-Bissau Confirmed [Full List]

 

He also directed that affiliate unions constituting the Nigeria Labour Congress should also be on standby for picketing exercises across all branches of the Central Bank of Nigeria, CBN, nationwide.

 

The directive followed an earlier ultimatum issued by the Central Working Committee members of the NLC last week criticising the cash swap policy of the Federal Government.

 

Ajaero said the decision to picket CBN branches became necessary, as the Federal Government and the CBN have not shown any commitment to address the situation.

 

He lamented that despite the Supreme Court order allowing the old N500 and N1000 notes to circulate with the new notes till December 31 this year, the situation appears to be getting worse as workers cannot access cash to pay fares to work, nor can they buy food for their families.

 

Apparently reacting to the NLC Nationwide Strike threat, CBN, today confirmed the evacuation 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.

 

The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays.

 

The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, disclosed this in Abuja, on Friday, stating that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

 

According to him, the CBN had 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, adding that 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.

 

He, therefore, urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.