Tag: Naira scarcity

Banks limit ATM withdrawals, as Naira scarcity worsens

Aminu Imam

Residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa States and in other parts of the country are expressing concerns over their inability to withdraw huge cash in their banks’ Automated Teller Machines (ATM) galleries, raising fears of scarcity as experienced during the naira swap. The development has also affected business transactions in local markets, especially in the northern part of Nigeria where buyers and sellers prefer to deal in cash instead of bank transfers, as some traders in the northern part of Nigeria and the South-West continue to lament…

Read More

Naira Scarcity: NLC, TUC suspend proposed actions against CBN

Aminu Imam

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) yesterday announced suspension of their planned strike over scarcity of naira notes for two weeks. Recall that the NLC had last Wednesday issued a seven-day ultimatum to the Central Bank of Nigeria, CBN to find solutions to the problem of naira scarcity in the country cause by its naira redesign and cashless policy. The Labour union had threatened to order workers to picket CBN branches nationwide if the problem of cash scarcity persists at the end of the deadline.…

Read More

Naira Scarcity: CBN jittery, orders banks to open on Saturdays, Sundays

Aminu Imam

…”No going back on picketing its branches nationwide” – NLC The Central Bank of Nigeria (CBN) has directed all commercial banks to open for operation on Saturdays and Sundays, as part of a coordinated effort to ease circulation of Naira of all denominations. This came as the Nigerian Labour Congress (NLC) declared that there is no going back on its decision to picket the CBN by Wednesday. This is as the bank says it has confirmed the evacuation of banknotes from its vaults to commercial banks across the country. The…

Read More

Banks mop-up old notes from CBN to ease cash crunch

Aminu Imam

The Central Bank of Nigeria (CBN) has directed commercial banks to immediately retrieve the old naira notes they deposited in its branches to ease the cash crunch across the country. Recall that the apex bank had mopped up the old N1, 000, N500 and N200 notes in response to the introduction of new ones as part of the cashless policy of the federal government. As the cash crunch takes heavy toll on the citizens and the economy and amid mounting pressure from various stakeholders for the CBN to rethink its…

Read More

Naira Scarcity: NLC directs workers to shutdown activities at CBN offices nationwide

Aminu Imam

The leadership of Nigeria Labour Congress (NLC), yesterday, directed all workers to picket all the offices of Central Bank of Nigeria, (CBN) nationwide starting from next week over the current cash crunch in the country. NLC President, Joe Ajaero, gave the directive at an ongoing press briefing at Labour House in Abuja. He said the directive became imperative following the expiration of one week ultimatum given to the apex bank to make cash available for Nigerians. President of the Nigeria Labour Congress, (NLC), Joe Ajaero, has directed public sector workers…

Read More