Queues will thin out as banks prepare to print enough naira notes today.
According to rumors that have been coming in, commercial banks all throughout the country will start issuing additional bank notes to consumers as of today, restoring normalcy to the banking system and the Nigerian economy as a whole.
This incident coincides with the Nigerian Labour Congress’s (NLC’s) plans to close all CBN branches nationwide due to the persistent shortage of naira notes.
In a speech on Wednesday, NLC President Joe Ajaero instructed all employees to take the day off work and join in nationwide pickets of the apex bank’s offices until it releases the cash, stating that it will no longer be possible to wait till the deadline assigned to the apex bank has passed.
However, as a rapid response to the NLC, Daily Sun discovered that the CBN had taken steps yesterday to alleviate the acute cash shortage by transferring extra cash to banks on Thursday evening.
It was also discovered that crisp notes in the amounts of N1,000, N500, and N200 were used in the financial transfer.
Well, we have begun transferring cash to bank vaults, but by today, at the latest, I believe the lines will start to thin down and normal service to the banking system will resume. The source didn’t specify if the cash transfers to the banks used the freshly redesigned notes or the previous ones, though.
According to additional information obtained by Daily Sun, CBN Governor Godwin Emefiele also met with CEOs of commercial banks, assuring them that the central bank would soon start releasing all old notes in its possession to the banks.
The decision is anticipated to put an end to months of financial hardship and suffering for Nigerians. Even while several banks in the city distributed the notes to clients yesterday, they rationed the supply to make sure everyone in the long lines had something to take home.
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Customers and bank employees who contacted with Daily Sun described the situation as frustrating economic activity, noting that banks are still experiencing difficulties in spite of the CBN’s claims that it was resolving the network and app issues.
Trader Esther Onyenze stated, “I have been at the bank since 7am and it has been close to 3 hours; yet, I have not yet received cash due to the large amount of customers. The notes, according to what I’ve heard, are available but in limited supply. When it’s my turn, I’m hoping that even if I earn N5,000, I can use it to buy food. The bank’s inability to fix the problematic network on its app is the bothersome one.
As it has been refusing to operate for nearly two days, I have had to stay up late to complete this transaction, which I find annoying because I should be getting some rest after a long day at work.