• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy Monetary Policy

New Naira notes not in circulation, CBN should extend Policy – NLC

NLC says Banks still dispensing old notes in major cities.

William Ukpe by William Ukpe
January 27, 2023
in Monetary Policy
New Naira notes not in circulation, CBN should extend Policy – NLC
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Labour Congress (NLC) joined the Nigerian Senate urging the Central Bank of Nigeria to extend the upcoming January 31st deadline for the phasing out of old naira notes in the country, stating that the new notes are not in circulation.

This was disclosed in a press briefing by Mr Ayuba Wabba, NLC President on Thursday in Abuja.

The CBN insists that there is no scarcity of new naira notes in Nigeria as  there is enough supply of the new notes to commercial bank ATMs,

RelatedStories

Naira , dollar, exchange rate

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
CBN, forex

Financial fraud in Nigeria surges by 45%, 70% of losses linked to digital platforms – CBN 

July 10, 2025

Dispensing old notes: The NLC President noted that the union has reached out to the CBN Governor and the Presidency, citing that banks are still giving out old notes.

  • “We have tried to respond officially by writing to the CBN governor. We also wrote to the President to say that this new policy of changing our Naira needs to be revisited.
  • “It 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 the 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.

Poor circulation: He added that Nigerians in rural areas are scrambling to change their money as the poor circulation of new notes affects them.

  • “So the new notes are not available and they are not in circulation and the old notes are being rejected.
  • “Even in city centres, where we have banks, the banks are not dispensing.
  • “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.”

The NLC president 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.

Wabba also revealed that in the state he comes from, there are only three banks in three local governments out of  27 local governments and that the other local governments, 24 of them, do not have banks and some of them are not accessible.

Suffering masses: The NLC warned that the working class will feel the worst of the policy and called for an extension of the deadline.

  • ”It is the poor masses and even the working class that will feel the pinch of this policy. Because how will you not withdraw the old currencies when the new one is not even available?
  • ”The policy, certainly, will also impact negatively on our economy, because the notes are not available and people are now rejecting the old notes.
  • ”The policy certainly is not a policy that is making people believe that the policy is meant to address the fundamental issues.
  • ”We align ourselves fully with the position of the Senate, we call for this policy to be reviewed and to give extension so that all the old notes can then be mopped up by the bank.”

In case you missed it

The Central Bank of Nigeria insists that there is no scarcity of new naira notes according to some media reports.

The CBN said there is enough supply of the new notes to commercial bank ATMs, and urged banks to desist from keeping cash away.

  • ”The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.
  • ”This is to enable quick circulation and we want to advise commercial banks to desist from keeping the cash away from the public or face the stiffer sanction.”

 


Follow us for Breaking News and Market Intelligence.
Tags: Central Bank of NigeriaNew naira notesNigeria Labour Congress (NLC)
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

Naira , dollar, exchange rate
Currencies

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
CBN, forex
Financial Services

Financial fraud in Nigeria surges by 45%, 70% of losses linked to digital platforms – CBN 

July 10, 2025
CBN, forex
Financial Services

CBN deadline: Nigerian banks race to file capital restoration plans by July 14

July 8, 2025
10 African Central Banks exploring digital currencies in 2025 
Economy

10 African Central Banks exploring digital currencies in 2025 

July 4, 2025
Currencies

IMF commendation sparks strong gains for Naira across parallel, official markets 

July 3, 2025
IMF, Import restrictions
Economy

IMF backs CBN’s tight monetary policy to curb inflation

July 2, 2025
Next Post
Projections: Geregu Power targets N15.135 billion revenue for Q3 2023

Geregu Power Plc gains 10% in market value on buy pressure

Comments 1

  1. Egbere John says:
    January 27, 2023 at 7:12 am

    It is unfortunate that that NLC does not understand the ploy by the elites/ politicians to undermine 2023 elections or that the NLC intends to assist them rig the elections. Banks are being used by the enemies of this country to frustrate the redesign of naira and it’s circulation. I appeal to NLC to allow the deadline stand in order to frustrate these elections riggers. We will overcome the effect on poor Nigerians soon.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Sterling Bank to raise $400 million via debt and equity instruments to strengthen growth capacity and balance sheet 
  • South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG
  • 15 things you don’t need to start a business in Nigeria 

Follow us on social media:

Recent News

Sterling Bank concludes core application migration, leads the way for African Banking

Sterling Bank to raise $400 million via debt and equity instruments to strengthen growth capacity and balance sheet 

July 15, 2025
Doctors

South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics