Cash shortage: CBN responds to NLC’s order nationwide protest
The Central Bank of Nigeria (CBN) has finalized plans to release to commercial banks all N200, N500, and N1,000 notes under its custody.
According to a report, the Nigerian Labor Congress (NLC) has ordered all employees to demonstrate against the current cash shortage at all Central Bank of Nigeria (CBN) offices nationwide starting the following week.
Joe Ajaero, president of the NLC, issued the instruction during a press conference on Wednesday at the Labour House in Abuja.
He explained that after the apex bank’s one-week deadline for giving Nigerians access to cash had passed, it had become necessary.
The CBN Governor, Godwin Emefiele, has instructed commercial banks to start giving out old N200, N500, and N1,000 notes to the general public, according to information this newspaper learned on Thursday from sources.
Emefiele met with the CEOs of banks on Wednesday night, and this follows that meeting. The head of the CBN informed them during the meeting that it would begin giving commercial banks immediate access to all old notes that were in its possession.
“This evening, the CBN governor virtually met with bank CEOs. It was a brief meeting that lasted just 15 minutes or so.
All previous N1,000, N500, and N200 notes will be made available to commercial banks starting on Thursday, according to the governor.
The crisp old notes that were deposited by DMBs will be used as the CBN’s starting point before they are replaced.
One of the bank CEOs present said, “The plan is to flood the economy with cash and ease the hardships Nigerians have been experiencing.”