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Naira Scarcity: Latest CBN News, Update On Naira Notes For 30th March 2023

Naira Scarcity: Latest CBN News, Update On Naira Notes For 30th March 2023 : Amidst the controversy surrounding the new naira notes, Naijaonpoint Media  has provided the latest update on the Central Bank of Nigeria’s (CBN) controversial policy. The policy has been the subject of much debate and discussion, with many questioning its impact on the Nigerian economy.

Following the Naira Scarcity in Nigeria, Naijaonpoint Media has compiled Latest CBN News , Update On Naira Notes Today March 30th, 2023. This means the latest updates on the Naira crisis in Nigeria can be accessed on this page.

Banks Comply With CBN’s Directive, Dispensed More Cash

Deposit Money Banks (DMOs) have adhered to the directive of the Central Bank of Nigeria (CBN) to dispense more cash during the weekends. The CBN had directed all DMOs to open for operation on Saturdays and Sundays, and the apex bank had commenced the massive deployment of banknotes from its vaults to commercial banks across the country. Several banks complied with the directives over the weekend, with several branches opening and dispensing cash to customers via Automated Teller Machines (ATMs) and over-the-counter. However, none of the banks that operated dispensed the new naira notes, and customers did not mind collecting the old notes.

Naira scarcity: Ekiti Govt to sanction fuel stations rejecting PoS transactions

The Special Adviser to the State Governor on Industry, Trade and Investment, Mrs Omotayo Adeola, has urged residents of Ekiti State to report any filling station that sells petrol above the official pump price to the State Petroleum Task Force Committee. She gave this warning during a meeting with the committee and representatives of the Nigeria Union of Petroleum and Natural Gas Workers. She emphasized that the decision was made to alleviate the hardship caused by the current cash crunch in the country. Residents can lodge their complaints through a WhatsApp number provided by the State Petroleum Task Force Committee( 08077772323) .

Why We Suspended Planned Protest, Strike Over Naira Scarcity- Nigeria Labour Congress Reveals

The Nigeria Labour Congress (NLC) has suspended its planned protest and strike action over the Naira scarcity created by the Naira Swap Policy implemented by the Central Bank of Nigeria (CBN). The reason for the suspension was due to a drastic improvement in the situation as claimed by the union. The NLC claimed that Naira notes have begun to circulate, alleviating the hardships that Nigerians have been experiencing as a result of the cash crunch. The CBN has made significant efforts to curb the current cash scarcity in the country, and there has been noticeable improvement in the availability of cash in major urban centres, but cash scarcity still persists to some extent in rural communities and towns. The NLC has set up a Joint Committee at the national and state levels to monitor and ensure sustainable compliance by the CBN towards ending the cash crunch and removing the siege on Nigerians. The union also warned that it would embark on nationwide strike without warning if the cash situation degenerates instead of returning to normalcy.

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.



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