CBN set to flood commercial banks with old naira notes

The Central Bank of Nigeria (CBN) has declared its readiness to put an end to the cash crisis.

The apex bank is set to flood the commercial banks with more old N1000 and N500 notes.

Sources within the apex bank revealed that the head offices of the commercial banks had been communicated to collect the old notes earlier forwarded to the CBN.

“Banks have been instructed to collect the old naira notes they deposited in the CBN. Before the end of the week, the country would be awash with naira notes,” the source said.

It was gathered that the old naira may be sent to branches of the commercial banks today.

This came at the moment which the Nigerian Labour Congress (Congress) NLC ordered it’s members to embark on strike beginning from next week Wednesday.

The Nigeria Labour Congress (NLC) has ordered all workers in the public sector to go on strike beginning from Wednesday next week.

This was revealed by the president of the Congress, Joe Ajaero, in a media briefing at Labour House in Abuja on Wednesday March 22, 2023.

He also ordered that affiliate unions which constitute the NLC to be on standby for picketing exercise across all Central Bank of Nigeria, CBN’s branches in the country.

He said the directive came following the end of 1 week ultimatum given to the CBN to make money (cash) available for the people.