Connect with us


CBN calls banks to come collect deposited old notes, as NLC renews threat



The Central Bank of Nigeria (CBN) has concluded plans to start disbursing the old Naira notes to Deposit Money Banks (DMBs) after the Nigerian Labour Congress (NLC) set a date to shutdown offices of the financial regulator.

Ripples Nigeria reported on Wednesday that the NLC President, Joe Ajaero, said the congress would picket the Central Bank of Nigeria (CBN) branches nationwide.

Last week, NLC gave a seven-day ultimatum to the Federal Government and the central bank to end the petrol and cash scarcity in the country.

“If they fail to do so at the expiration of the seven working days, the Congress is directing all workers in the country to stay at home,” Ajaero said last week.

On Wednesday, Ajaero updated the public, stating that their warnings have not been adhered to, as a result, workers have been directed to stay back home, while the CBN branches will be picketed.

“we have discovered to our dismay that as at this moment not much effort has been made to ameliorate the situation, government is still foot dragging on these issues we raised.

READ ALSO:Banks pay customers in old naira notes, but scarcity persists

“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, workers are directed to stay at home too because people cannot eat, workers can no longer go to the office, we have been pushed to the wall,” Ajaero said.

A day after the strike warning, a source in the CBN said before the end of the week, the Naira scarcity would be dealt with, as banks have been directed to come collect the old Naira notes, which were previously deposited with the apex bank.

“Banks have been instructed to collect the old Naira noted they deposited in CBN. Before the end of the week, the country would be awash with Naira notes,” the source told this publication.

Recall that prior to the threat from the NLC, the Supreme Court had voided the Naira redesign policy of the CBN, stating it breached the 1999 constitution.

The Supreme Court ordered that the old N200, N500 and N1,000 notes, which the CBN phased out on February 10, 2023, remains legal till December 31, 2023.

However, since the order was given on March 3, 2023, the old Naira notes remained scarce, as the banks said the CBN hasn’t disbursed the currencies to them.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now