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CBN News Update On Naira Notes Today Tuesday 28th March 2023



CBN To Fine Banks N1m Daily For Failing To Disburse New Naira Notes

Latest CBN news update on New Naira Notes today, Tuesday 28th March 2023, can be accessed below.

Following the controversy associated with the new naira notes rages on, News Rain Nigeria brings you the latest update from Central Bank of Nigeria (CBN) on naira notes.

This means the latest updates on the Naira crisis in Nigeria can be accessed on this page.

Below are the latest CBN news update on new Naira notes today

CBN Governor begs NLC to shelve protest over naira scarcity

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has appealed to the Minister of Labour and Employment, Chris Ngige, to prevent the Nigeria Labour Congress (NLC) from protesting over the current cash scarcity in the country. The NLC had planned to shut down offices of the apex bank nationwide on Wednesday. Emefiele warned that the protest could hinder the progress of the apex bank if not averted. The NLC President, Joe Ajaero, led other Labour leaders while Emefiele led the apex bank officials to a closed-door meeting at the Ministry of Labour and Employment in Abuja, which was later presided over by the Minister.

NLC Meets Today On Naira Scarcity

The Nigeria Labour Congress (NLC) is set to hold a meeting today, 28th March 2023 to make a final decision on whether or not to go ahead with its threatened strike over the scarcity of naira notes. The meeting is expected to involve the National Executive Committee (NEC) of the NLC, with members from states and local government areas to give reports on the availability of cash for Nigerians. Meanwhile, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and the labour leaders met with the minister of labour and employment, Dr Chris Ngige, in Abuja to avert the impending strike. The CBN had already commenced the evacuation of stocked naira notes to commercial banks and directed them to open on weekends to make cash available to Nigerians.

Naira Scarcity Persists As Banks Continue Disbursement

Despite banks resuming cash disbursement, Nigerians are still experiencing a cash scarcity, with many point of sale (PoS) merchants charging exorbitant rates on withdrawals, and some not having cash to disburse.

The Central Bank of Nigeria (CBN) is targeting the release of N500 billion old notes and N500 billion new notes, adding up to N1 trillion cash in the economy to alleviate the scarcity.

However, credible banking sources suggest that the present scarcity is normal and that the situation is expected to ease off by the weekend if banks continue cash disbursement at the current rate. Although queues at ATMs and banking halls have reduced, some branches have run out of cash, while others were disbursing a lower amount in the banking hall than the ATMs were dispensing. While customers applaud the CBN for making money available, some complain about the crowd at some of the banks’ ATMs.

CBN Speaks On Suspending OPAY, PALMPAY Accounts

The Central Bank of Nigeria (CBN) has refuted claims of suspending the accounts of Fintech companies such as OPAY and PALMPAY. The Acting Director of Corporate Communications of CBN, Isa AbdulMumin, dismissed the reports as fake news and advised the public to disregard them. The reports had claimed that the CBN was suspending the accounts of Fintech companies due to their use in perpetrating fraud. However, OPAY and PALMPAY denied the claims and urged their users to disregard the rumors.

Naira scarcity: Expert worries over the mental health of Nigerians

Mr. Ben Arikpo, the founder of the Brain Training and Development Centre, has expressed concerns over the mental health of Nigerians due to Naira scarcity and other challenges. He noted that the stress of queuing for cash all day long and the high cost of living were some of the challenges Nigerians face, leading to anxiety and various forms of aggressive behaviors that are injurious to mental health. Arikpo urged Nigerians to find ways to manage stress with or without government help, to avoid negative conversations, and to live within their means to avoid pressures that could lead to mental health problems. He also called on the government to implement policies that are friendly to the people to save them from mental ill-health. Finally, he encouraged Nigerians to cultivate the habit of visiting hospitals to check their mental health regularly, which was crucial for their overall well-being.