Latest update on new naira notes today March 31, 2023, can be accessed below
Naira Redesign: CBN Governor Sued Over Disregard For Court Orders
Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), is facing a court case for allegedly defying Supreme Court orders concerning the naira redesign policy. On March 27, a Lagos-based activist-lawyer named Tope Alabi filed an application against Emefiele at the Federal High Court in Lagos. Alabi referred to the naira swap as a “cash confiscation policy” that has disrupted the day-to-day operations of his office because his staff cannot make it to work due to the unavailability of physical cash. He also stated that commercial drivers cannot collect fares because they lack point-of-sale (POS) devices.
In a 28-page affidavit accompanying the application, the lawyer asserted that the Supreme Court had directed Emefiele to allow the old naira notes of N200, N500, and N1000 to coexist as legal tender with the new N200, N500, and N1000 notes until December 2023. The court gave this directive on March 10 in Suit No. SC. 162/2023. However, Emefiele, who had withdrawn the old notes from circulation on February 10, 2023, has allegedly refused to comply with the Supreme Court’s order by releasing the old notes back into circulation.
NLC Gives CBN Two Weeks To Circulate Naira Across Nigeria
The Nigeria Labour Congress (NLC) on Tuesday suspended its strike scheduled for Wednesday over the Naira scarcity rocking the nation.
IDOMA VOICE had earlier reported that NLC threatened to begin an indefinite strike tomorrow (Wednesday).]
The labour group further stated that it would picket branches of the Central Bank of Nigeria across the country.
Presidents of NLC, Joe Ajaero and Trade Union Congress (TUC), Festus Osifo said this during a joint press conference on Tuesday in Abuja at the end of their National Executive Council meetings.
Ajaero said after receiving briefings from its State councils in the 36 States and the Federal Capital Territory, the NLC decided to defer the planned stay-at-home directive issued to workers last week.
The two Labour bodies said they would monitor the availability of cash in commercial banks for two weeks before deciding on the next line of action.
Naira Scarcity: Details Of Meeting Between FG, NLC And CBN Emerge
The details of the meeting between the Federal Government, the Nigeria Labour Congress ( NLC), and the Central Bank of Nigeria (CBN) have emerged.
Recall that the CBN delegation led by its governor, Godwin Emefiele and the NLC leadership led by its President, Comrade Joe Ajaeo, met with the Minister of Labour and Employment, Chris Ngige, on Mondy evening, over a planned nationwide strike and protest.
This meeting comes hours after the NLC directed all its chapters across the country to mobilize for a protest at all the branches of the CBN over the scarcity of naira that has brought untold hardship t Nigerians.
Addressing reporters during the weekly Ministerial Briefing at the State House, Abuja, on Tuesday, Ngige said the workers union has suspended the plan to shut down activities at all the branches of the CBN over naira scarcity.
Ngige said his ministry coordinated the meeting between the CBN and the NLC, stating that the apex bank had taken steps to remedy the situation.
Naira Scarcity: Banks Give Updates On Old Notes Circulation, Others
The Central Bank of Nigeria (CBN) has reportedly commenced the disbursement of old naira notes to Deposit Money Banks across the country.
IDOMA VOICE reports that this is coming as government authorities step up efforts to end the naira scarcity that has caused chaos in the nation.
Recall that the CBN had directed DMBs to pick old N1,000, N500 and N200 notes at its offices across the country for onward disbursements to customers.
According to The PUNCH, commercial banks on Thursday got the old naira notes from CBN offices across the country.
Multiple bank sources including CEOs and top executives confirmed that the apex bank released old notes to banks.
“I can confirm to you that we received old notes from the CBN today, we also received a memo from the central bank to this effect,” the CEO of a commercial bank told The PUNCH on condition of anonymity.
Also, a general manager at a tier-2 bank told one of our correspondents that the lender got some old notes from the central bank on Thursday.
Cash Scarcity: NLC, CBN Meet In Abuja
The Central Bank of Nigeria (CBN) and the Nigeria Labour Congress (NLC) on Thursday met at the Labour House in Abuja.
This is coming hours after the leadership of NLC threatened to shut down all the branches of the CBN across the country over cash scarcity.
Joe Ajaero had advised workers to stockpile food items as the industrial dispute with the CBN will be total.
The decision of the NLC to ground the activities of the apex bank led to the impromptu meeting which started at about 5 pm on Thursday.
The two-man delegation made up of the CBN Deputy Governor in charge of operations and the Deputy Governor in charge of Economic Policy, told the NLC President that about two billion naira was pushed out on Thursday in a bid to address the hardship.
A source close to the meeting that spoke with Vanguard said the CBN promised to make sure that the scarcity of naira notes will end soon.
Source Reveals Details Of CBN’s Meeting On Old Naira Notes, Latest Directives
The Central Bank Governor, Godwin Emefiele on Wednesday evening met with chief executive officers of DMBs, where he revealed that the apex bank would be disbursing the old notes in its custody to commercial banks effective Thursday (today).
A source that confirmed the outcome of the meeting to Punch said, Emefiele directed DMBs to begin the disbursement of old N1,000, N500 and N200 notes to members of the public effectively.
The source further stated that CBN will also start releasing old notes to commercial banks from Thursday.
Sources at the meeting noted that the apex bank would also cancel all the cash withdrawal limits it put in place in recent months.
Also, it was learnt the CBN would start by releasing crisp old notes to DMBS after which the ones deposited by commercial banks will also be released.
NLC has declared a Nationwide Strike over Naira Scarcity in Nigeria.
IDOMA VOICE reports that the President of the Nigeria Labour Congress (NLC), Joe Ajaero has directed public sector workers in the country to embark on strike beginning from Wednesday next week, March 29, 2023.
This online news platform understands that Ajaero also directed that affiliate unions constituting the Nigeria Labour Congress should also be on standby for picketing exercises across all branches of the Central Bank of Nigeria, CBN, nationwide.
Naira Notes: CBN Governor, Emefiele Insists On Cashless Policy
The Central Bank of Nigeria (CBN) governor, Godwin Emefiele has hinted that Nigerians would have to adapt to the new cashless policy regime.
This he stated on Tuesday during a press briefing in Abuja at the end of the Monetary Policy Committee (MPC) meeting.
While apologizing for challenges he called isolated cases in the use of the various e-payment platforms, the CBN governor insisted that the cases were being resolved.
Emefiele said the glitches been experienced will soon become a thing of the past.
Banks Ration Old Notes As Naira Crisis Bites Harder
With the naira scarcity still rocking the nation, commercial banks have begun to ration the disbursements of old N1,000 and N500 notes to their customers amid uncertainty over whether the Central Bank of Nigeria (CBN) will release the old notes in its custody.
IDOMA VOICE reports that the apex bank had on Monday announced that old N1,000, N500 and N200 notes remained legal tender.
This came days after the Supreme Court ruled in a suit between some state governments and the Federal Government.
However, despite the CBN announcing the legal status of the old 1000 and 500 naira notes, the naira scarcity still persists across the country.
Investigations by The PUNCH revealed that banks were rationing old notes to their customers via over-the-counter payments with a few lenders loading their Automated Teller Machines.
According to findings, the majority of the lenders in Lagos, Abuja, Ogun, Kwara and other states were paying only N5,000 to each customer over the counters, while a few banks paid N10,000 only.
It was gathered that only few Deposit Money Banks (DMO) loaded their ATMs and most of them were disbursing only N5,000.
CBN Yet To Release Old Notes To Banks
The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500 notes it mopped out of circulation, hours after giving directives on the old notes.
Recall that the apex bank on Monday directed that the old notes remain legal tender till the 31st of December, 2023.
According to Daily Trust, CBN is yet to release the old notes despite asking commercial banks to commence their recirculation.
This is amid the struggle by commercial banks to meet the demand of customers who storm their branches across the country.
Traders, students and others that visited banks in search of money told the platform that they were unable to withdraw the amounts they wanted.
They claimed that they were only given between N5,000 and N10,000 while a few others managed to get N20,000.
A senior management staff of Guarantee Trust Bank speaking on the circulation of the old note said: “We are not receiving any old cash from the CBN. I have a substantial stock of the old notes and that is what we are recirculating as of today.”