Naira Scarcity : Latest CBN News On Naira Notes Today March 29th 2023 can be accessed below
Following the Naira Scarcity in Nigeria, GoldenNewsNg has compiled Latest CBN News On Naira Notes Today March 29th, 2023. This means the latest updates on the Naira crisis in Nigeria can be accessed on this page.
Nigeria has been experiencing a scarcity of naira notes, which has caused significant hardship for millions of Nigerians.
Naira Scarcity: NLC Suspends Planned Nationwide Strike
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have postponed their proposed strike which was set to commence on Wednesday due to the scarcity of naira notes. The decision was made known after the National Executive Council meeting of the labour unions on Tuesday.
It will be recalled that the labour unions had earlier threatened to embark on a nationwide strike from Wednesday, March 29, 2023 if the government fails to address issues such as the cash crunch, fuel scarcity, and electricity tariff increase. However, NLC President, Joe Ajaero, revealed that after receiving reports from its state councils across the 36 states and the Federal Capital Territory, the NLC has decided to temporarily suspend the stay-at-home directive issued to workers last week.
Joe Ajaero further explained that the planned protest would be resumed if naira notes continue to be unavailable to Nigerians by the end of two weeks. It is important to note that the labour unions may revisit their decision in response to changing circumstances or new developments.
Banks ration old notes and customers face long queues amid Naira scarcity
Over the weekend, banks in Lagos, Ogun, and the Federal Capital Territory opened their doors to allow customers to withdraw cash in compliance with the Central Bank of Nigeria’s directive. However, despite this move, customers still faced the persistent issue of naira rationing.
Despite the challenges, customers expressed relief at being able to access their funds after over two months of scarcity. However, long queues were recorded at bank branches throughout the day, with some customers waiting for hours to make their withdrawals.
Some banks in Lagos limited the amount of cash customers could withdraw due to limited availability, while customers in the Federal Capital Territory expressed frustration at the slow pace of transactions and lack of adequate infrastructure to support high demand.
While the opening of banks on Saturday was a welcome development for many customers, it highlighted the ongoing challenges facing Nigeria’s financial system. With naira rationing and limited cash availability still posing significant issues, it remains to be seen how the country’s banking sector will address these challenges in the long term.
Reports circulating that the Central Bank of Nigeria (CBN) has suspended the accounts of Fintech companies such as OPAY and PALMPAY have been debunked by the apex bank. The CBN described the reports as fake news and issued a statement to that effect.
Isa AbdulMumin, the Acting Director of Corporate Communications of CBN, made this announcement on Friday, March 24, 2023, in Abuja. He stated that the viral news claiming that the CBN was about to suspend the accounts of the Fintech companies due to their use in perpetrating fraud was simply fake.
According to the news report, the CBN was purportedly suspending the accounts of the Fintech companies because they were being used to commit fraud. The viral news advised people who use OPAY, PALMPAY, or any of the CHINA APPs or their POS to stop keeping large amounts of money in their accounts or stop using them.
OPAY and PALMPAY have denied being under the CBN’s radar in separate social media posts. OPAY issued a statement saying that “the post mentioning the CBN shutting down our operations is false and misleading to the general public.”
CBN Release Old Naira Notes to Commercial Banks to End Scarcity
According to a source within the Central Bank of Nigeria (CBN), the apex bank has release all N1,000, N500, and N200 notes in its custody to Deposit Money Banks to address the Naira crisis. The old notes will be disbursed across the country starting from Thursday. This development will end the two-month-long Naira scarcity in Nigeria.
The decision follows weeks of public outcry and criticism of the bank’s naira redesign policy, which had created hardship for Nigerians. The Nigeria Labour Congress (NLC) had planned nationwide protests and strikes in CBN offices before the bank’s latest move.
The Supreme Court had earlier ruled that old N1,000, N500, and N200 notes should remain legal tender until December 31, 2023. Economic expert and lecturer at Lead City University, Ibadan, Prof. Godwin Oyedokun, stated that the CBN would release cash to commercial banks after the general elections, now that the polls are over.
That’s all the recent happening about the Naira Scarcity in Nigeria. Check back tomorrow for more updates on the same topic.