The Nigerian Labor Congress (NLC) has urged the Central Bank of Nigeria to extend the upcoming January 31st deadline for the total removal of the old naira notes in the country. According to them, the new naira notes are not in circulation.
This was disclosed in a press briefing by Mr Ayuba Wabba, NLC President on Thursday in Abuja.
The CBN however countered the NLC’s report by stating that there is no scarcity of new naira notes in Nigeria as there is enough supply of the new notes to commercial banks.
Old Notes Still In Circulation
Reiterating it’s word, the NLC President noted that the union has reached out to the CBN Governor and the Presidency, citing that the old notes are still in circulation.
“ Is obvious that even in the city centres, banks are still dispensing old notes and this is correct. I remember, I went to about 10 banks and none was actually dispensing new notes. In fact, most of the banks now, if you are lucky, will dispense only a few notes and you can check that around.”
He added that Nigerians in rural areas are struggling to change their money as the poor circulation of new notes affects them.
“If you go to the rural areas and see the chaotic nature of how people have come with their money to change, it has become a problem.”
Mr Wabba also noted that the new notes are not easily available, as there is only little in circulation, adding that the rural areas are worse as most of the rural areas don’t have banks.
In the state where he comes from, there are only three banks in three local governments out of 27 local governments, adding that 24 of them do not have banks and some of them are not accessible.
He concluded by stating that the working class will feel the worst of the policy and therefore called for an extension of the deadline.
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