How did it start?
Last two weeks Wednesday, when the newly elected no-nonsense President of Nigerian Labour Congress (NLC), Comrade Joe Ajaero gave a seven working day ultimatum to the Federal Government to normalize naira and petrol accessibility, the presidency immediately issued a statement exonerating self from the CBN’s nonchalant attitude to the Judgement of the Supreme Court.
In a swift reaction, the CBN; noticing that the government has pulled away her veiled protection, immediately issued a statement ceding to the court judgement 10 days after and calling on commercial banks to begin circulation of all old notes.
Now, fast-forward to last Wednesday. The Ajaero led NLC again put paid to its earlier ultimatum by handing down a clear notice that come Wednesday next week, it will begin a nationwide strike with picketing all CBN offices nationwide.
Shortly after the announcement in Abjua, the Central Bank of Nigeria (CBN) announced the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations.
The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays.
The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, disclosed this in Abuja on Friday, stating that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.
According to him, the CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.
“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he noted, adding that the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.
Business Hilights recalls that Emefiele had earlier rendered open apology over the cash crunch begin suffered by Nigerians.
