Naira Scarcity: CBN takes action after NLC orders nationwide protest

The Central Bank of Nigeria (CBN) has decided to give commercial banks access to all N200, N500, and N1,000 notes that are currently in their possession.

According to reports, starting the following week, all employees are to demonstrate against the current cash shortage at all Central Bank of Nigeria (CBN) offices across the nation.

At a press conference on Wednesday at the Labour House in Abuja, NLC President Joe Ajaero issued the order.

He explained that it had become necessary after the apex bank’s one-week deadline for giving Nigerians access to cash had passed.

On Thursday, this newspaper learned from sources that CBN Governor Godwin Emefiele had ordered commercial banks to start giving old N200, N500, and N1,000 notes to the general public.

A meeting between Emefiele and the CEOs of banks took place on Wednesday night, and this follows that. The CBN director announced during the meeting that all old notes held in its custody would begin to be released to commercial banks right away.

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“The CBN governor had a virtual meeting with bank CEOs this evening. The meeting was brief, lasting only about 15 minutes.

“The governor announced that starting on Thursday, commercial banks will receive all remaining old N1,000, N500, and N200 notes.

“The CBN will begin with clean, old notes and then return the ones that DMBs deposited.

One of the bank CEOs who attended the meeting stated, “The plan is to flood the economy with cash and alleviate the challenges Nigerians have been facing.”