The Central Bank of Nigeria (CBN) took action last night to relieve the extreme cash shortage. It intends to pour more old N1000 and N500 notes into the banks.
According to dependable sources in the apex bank, commercial bank headquarters had been contacted to arrange for the collection of the old notes that the banks had returned to the Central Bank for recirculation.
The old naira notes that were deposited with the CBN must be retrieved by banks, according to the instruction. The source predicted that the nation would be flooded with naira notes by the end of the week.
It was discovered that the old naira notes may still be returned to bank branches today.
When the CBN made its decision, the Nigerian Labour Congress (Congress) had just instructed its affiliate members to picket state branches of the apex beginning the following week.
Organized labor gave the order to the workforce to protest the cash crunch by remaining at home.
