Economy

We’ve disbursed N20bn to alleviate cash crunch, CBN tells NLC

Published

2 months ago

March 24, 2023

We've disbursed N2bn to alleviate cash crunch, CBN tells NLC

The Central Bank of Nigeria (CBN) met with the leadership of the Nigeria Labour Congress (NLC) in Abuja on Thursday, following the union’s call for a closure of all bank branches due to cash shortage.

The meeting, which began at approximately 5 p.m. on Thursday, was called in response to the NLC’s threat of paralysis of activities at the CBN.

The delegation, comprising two CBN Deputy Governors, one in charge of operations and the other in charge of Economic Policy, informed the NLC President that N20bn had been released that day in an effort to alleviate the hardships faced by Nigerians.

The Central Bank of Nigeria (CBN) dismissed the claims that money is being printed outside the country and stated that Governor Godwin Emefiele has ordered that the old naira notes be made available to customers.

Additionally, the bank officials denied rumours that the old naira notes have been destroyed, promising that there would be significant progress in a few days.

The CBN said it has taken action to address the severe cash shortage across the country, supplying Deposit Money Banks with old naira notes as part of the effort.

At a meeting on Wednesday, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, instructed the Deposit Money Banks (DMBs) to collect old N1,000, N500, and N200 notes from its branches and distribute them to customers.

Findings on Thursday showed that commercial banks had been supplied with the previously circulated naira notes from the Central Bank of Nigeria’s branches around the country.

See new compliance requirements for taxpayers in Lagos State

The NLC led by Comrade Joe Ajaero had declared that all branches of the CBN, including its Abuja headquarters, will be closed on Wednesday due to the severe cash shortage in the nation.

According to him, Nigerians have had to endure immense difficulties due to the lack of naira notes, which has had a negative impact on their ability to cover medical expenses and other necessities.