Emefiele buckles, to ‘flood banks with old notes’

Godwin Emefiele, the governor of Central Bank of Nigeria (CBN) might have buckled under the pressure of a threatening strike by labour unions.

The CBN chief at an alleged virtual meeting he held with bank CEOs on Wednesday resolved to flood banks with old naira notes that are to be quickly dispensed to Nigerians. 

He is also said to have lifted the threshold on cash withdrawal for both individuals and corporate bodies. This is according to a report published by Punch, citing a source with knowledge of the directive. 

The source, who is said to be a bank CEO, reputedly said, “The CBN governor met with bank CEOs this evening virtually … for just about 15 minutes …(and) said all old N1,000, N500 and N200 notes will be released to commercial banks beginning from Thursday.”

TheCornet reports that the Nigerian Labour Congress (NLC) had given an ultimatum for the CBN to release cash into the economy to end the current scarcity. 

Joe Ajaero, NLC president, lamenting the hardship faced by Nigerians over scarce currency said they would picket CBN offices nationwide. 


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: