The Nigeria Labour Congress, NLC, said the Central Bank of Nigeria pumped N20bn into circulation on Thursday.
NLC is threatening to picket all CBN offices nationwide in protest of the naira scarcity arising from the apex bank’s naira redesign, swap and cash withdrawal limits.
Report later emerged that the CBN was in the process of ending the cash crunch by pumping more old naira notes into circulation and lift the cash withdrawal limits.
The bankers’ bank set the ball rolling on Thursday as it disbursed the first tranche, N20bn of old naira notes to Deposit Money Banks with those in Lagos receiving the lion’s share; N4bn while Abuja came next with N2bn, according to Punchng.
The piece of news was reportedly communicated to the publication by a member of the NLC involved in a meeting between the union and CBN delegates led by one of its Deputy governors (picture from the meeting above) in Abuja yesterday.
“The Director of Operations came to meet with us this evening. They said based on our complaints and ultimatum, they have redoubled efforts. Today, they said they released about N2bn to banks in Abuja and about N4bn to banks in Lagos. They released nothing less than N20bn today across the country,” it quoted the unnamed NLC member as saying.
“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 also told the paper.
