Banks expect Old Notes From CBN Today

The Central Bank of Nigeria (CBN) has instructed commercial banks in the country to collect old Naira notes they deposited with the CBN in a bid to end the current Naira scarcity. According to a source at the CBN, this move will flood the country with Naira notes before the end of the week.

This development comes after the Nigeria Labour Congress (NLC) threatened to shut down CBN offices nationwide due to the apex bank’s inability to provide banknotes for Nigerians. The protest, which is expected to begin next week, follows the expiration of a seven-day ultimatum given to the federal government, CBN, and commercial banks in Nigeria to end the current cash crunch.

At a briefing in Abuja, NLC national president Comrade Joe Ajaero stated that the decision to protest was necessary to alleviate the sufferings of Nigerians caused by the current cash crunch. He directed all affiliate unions to mobilize for the proposed shutdown of the apex bank and urged Nigerians to stockpile foodstuffs in preparation for the industrial action.

Ajaero also called on workers to observe a sit-at-home directive from Wednesday next week, adding that the labour centre had been pushed to take its destiny in its hands as the government had not made significant efforts to ameliorate the situation.

He said, “Last week, we gave an ultimatum for the review of the cash crunch bedeviling the country, but we have discovered to our dismay that as at this moment not much effort has been made to ameliorate the situation, the government is still foot dragging on these issues we raised. Based on this, we met again this morning to review our position and resolved that by Wednesday next week, all CBN branches will be picketed.”

The directive to commercial banks to collect old Naira notes deposited with the CBN is aimed at addressing the current Naira scarcity in the country. However, the impending protest by the NLC may further compound the situation, causing disruptions to banking operations and other economic activities.