Nigeria
CBN begins disbursement of old naira notes
CBN begins disbursement of old naira notes
Old naira notes to be disbursed to Deposit Money Banks (DMBs) across Nigeria
The Central Bank of Nigeria (CBN) on Thursday began the disbursement of old naira notes to Deposit Money Banks (DMBs) as government authorities stepped up efforts to end the biting currency scarcity that has inflicted pain on millions of bank customers nationwide.
Apex bank directs DMBs to pick up old notes
Apex bank directs DMBs to pick up old notes
The apex bank had directed DMBs to pick old N1,000, N500 and N200 notes at its offices across the country for onward disbursements to customers, following a meeting between the CBN Governor, Godwin Emefiele, and Bank Chief Executive Officers on Wednesday.
Banks confirmed receipt of old notes
Banks confirmed receipt of old notes
It was gathered that commercial banks truly got old naira notes from CBN offices across the country.
Bank queues could remain next week
Bank queues could remain next week
However, top bank officials said it would take about two weeks for the situation to normalize, adding that bank queues might not disappear until later next week.
N500k per customer to be paid next week
N500k per customer to be paid next week
They also hope to pay N500,000 per customer by next week.
Situation might not normalize immediately, says bank union
Situation might not normalize immediately, says bank union
Bank workers union also said the situation might not normalize immediately.
Some banks yet to receive old notes
Some banks yet to receive old notes
Further findings showed that only a few banks began disbursements on Thursday. It was learnt that several bank branches got the funds from the CBN very late. As such, they could not begin the disbursement.
CBN to monitor bank compliance on disbursement
CBN to monitor bank compliance on disbursement
But the CBN has reportedly concluded plans to dispatch a team of officials to monitor compliance on the part of banks.
CBN meets with Nigerian Labour Congress
CBN meets with Nigerian Labour Congress
Delegates from the CBN on Thursday met with Nigeria Labour Congress over the planned protest due to the scarcity of naira notes in the country.
Strike will still hold, says NLC
Strike will still hold, says NLC
When asked by one of our correspondents on Thursday evening if the strike would still go ahead despite the meeting with the CBN officials, Ajaero said, “The strike will hold until the situation in the country normalizes.”
CBN disbursed N20bn to banks nationwide
CBN disbursed N20bn to banks nationwide
Meanwhile, a reliable source who was privy to the meeting explained that the CBN said it had disbursed N20bn to banks nationwide, adding that banks in Lagos got N4bn while the lenders in Abuja received N2bn.
Cash rationing still prevalent in some banks
Cash rationing still prevalent in some banks
Further findings showed that banks were still rationing cash in their custody despite the CBN’s latest directive on the release of old N1,000 and N500 notes.
Banks yet to receive old notes in Abuja
Banks yet to receive old notes in Abuja
Some banks in the Federal Capital Territory did not release cash to their customers despite the directive by the apex bank.
Credit: https://www.newtelegraphng.com/cash-crisis-cbn-begins-enforcement-of-old-naira-notes/
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