By Chinwendu Obienyi


Normalcy is set to return in the banking system and the Nigerian economy as a whole as reports filtering in revealed that commercial banks across the nation will from today begin dispensing more bank notes to customers.

This development comes amid plans by the Nigerian Labour Congress (NLC) to shut down offices of the Central Bank of Nigeria (CBN) branches nationwide over the perenial scarcity of the naira notes.

NLC president, Joe Ajaero, who spoke on Wednesday, directed all workers to stay off duty and participate in the picketing of offices of the apex bank nationwide until it makes the currency available, adding that it has become  necessary to do so now once the ultimatum given to the apex bank elapses.

 But in a quick response to the NLC, Daily Sun learnt that the CBN made moves  yesterday to end the biting cash scarcity by moving more cash to banks Thursday evening.

It was also learnt that the cash moved involved crisp notes in N1,000, N500 and N200 denominations.

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A source at the apex bank said, “Yes, we have started moving out cash to the vaults of banks but latest by today, I think the queues would start to ease off and normalcy will be restored to the banking system”. However, the source remained silent on whether the cash movement to the banks were with the newly redesigned notes or the old notes.

 Daily Sun further learnt  that the CBN governor, Godwin Emefiele also met with CEOs of commercial banks where he reassured them that the apex bank would begin releasing all old notes in its custody to the banks soon.

 The decision is expectedly going to end months of cash crunch and pains experienced by Nigerians. Although some banks across the metropolis gave out the notes to customers yesterday,  they rationed the amount to ensure that customers on the huge queues had something to home with.

Some customers and bank staff who spoke to Daily Sun, said the situation was frustrating economy activities, adding that despite the CBN’s assurances that it was solving the network and app glitches,  banks are still experiencing downtime.

Esther Onyenze, a trader said, “I have been to the bank since 7am and this is close to 3 hours, I am yet to get cash because as you can see the crowd is much. I heard that the notes were available but are in short supply. I am hoping that when it gets to my turn, even if it is N5,000, I can use it to buy foodstuffs. The annoying one is the inability of the bank to solve the bad network on its app.

For close to two days, it has refused to work except I have to stay up late to make this transaction and so I find it annoying that when I should sleep after the day’s work, I will have to keep vigil to use the app”