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CBN News Update On Naira Notes Today Friday 31st March 2023
Latest CBN news update on New Naira Notes today, Friday 31st 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.
Below are the latest CBN news update on new Naira notes today
Naira Redesign: CBN Governor Sued Over Disregard For Court Orders
Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), is facing a court case for allegedly defying Supreme Court orders concerning the naira redesign policy. On March 27, a Lagos-based activist-lawyer named Tope Alabi filed an application against Emefiele at the Federal High Court in Lagos. Alabi referred to the naira swap as a “cash confiscation policy” that has disrupted the day-to-day operations of his office because his staff cannot make it to work due to the unavailability of physical cash. He also stated that commercial drivers cannot collect fares because they lack point of sale (POS) devices.
In a 28-page affidavit accompanying the application, the lawyer asserted that the Supreme Court had directed Emefiele to allow the old naira notes of N200, N500, and N1000 to coexist as legal tender with the new N200, N500, and N1000 notes until December 2023. The court gave this directive on March 10 in Suit No. SC. 162/2023. However, Emefiele, who had withdrawn the old notes from circulation on February 10, 2023, has allegedly refused to comply with the Supreme Court’s order by releasing the old notes back into circulation.
The case brought against Emefiele by Alabi is seeking an order of mandamus compelling him to obey the Supreme Court’s directive and release the old naira notes back into circulation. Alabi argued that Emefiele’s failure to comply with the court order had caused him and many other Nigerians significant hardship and financial losses.
The case has been scheduled for hearing, and it remains to be seen what the outcome will be. However, the allegations of disobedience of court orders by the Governor of the Central Bank of Nigeria have generated widespread concern among Nigerians, with many calling for accountability and transparency in the country’s financial system.
Nigeria Labour Congress Gives CBN Two Weeks To Circulate Naira Across Nigeria
On Tuesday, the Nigeria Labour Congress (NLC) announced the suspension of its planned strike, which was scheduled for Wednesday due to the ongoing Naira scarcity in the country. Earlier, it was reported that the NLC had threatened to begin an indefinite strike and picket branches of the Central Bank of Nigeria nationwide.
During a joint press conference in Abuja, the Presidents of NLC and Trade Union Congress (TUC), Joe Ajaero and Festus Osifo respectively, stated that they made the decision after receiving updates from their State councils in the 36 States and the Federal Capital Territory. Ajaero explained that the NLC had deferred the stay-at-home directive that it had issued to workers the previous week.
Both Labour groups also stated that they would monitor the availability of cash in commercial banks for two weeks before determining their next course of action.
Naira Scarcity in Nigeria: Details Of Meeting Between FG, NLC And CBN has Emerge
Details of the meeting held on Monday between the Federal Government, the Nigeria Labour Congress (NLC), and the Central Bank of Nigeria (CBN) have surfaced. The meeting, which was held to address the planned nationwide strike and protest, was attended by the CBN governor, Godwin Emefiele, and NLC President, Comrade Joe Ajaeo, as well as the Minister of Labour and Employment, Chris Ngige.
Earlier, the NLC had instructed all its chapters across Nigeria to mobilize for a protest at all CBN branches to protest the scarcity of naira, which has brought untold hardship to Nigerians.
However, during a weekly Ministerial Briefing at the State House in Abuja on Tuesday, Ngige announced that the workers union had suspended its plan to shut down activities at all CBN branches over the naira scarcity issue. He revealed that his ministry had coordinated the meeting between the CBN and the NLC, and that the apex bank had taken steps to address the situation.
Ngige further stated that the NLC’s National Executive Council (NEC) meeting would no longer discuss issues of protest, which he said had already been resolved.
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