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NLC urges the Central Bank of Nigeria to extend it’s deadline to replace old notes in circulation


January 27, 2023

The Nigeria Labour Congress (NLC) has urged the Central Bank of Nigeria (CBN) to extend its January 31 deadline to phase out old notes in circulation in the country.

Its President, Ayuba Wabba, said this when speaking with newsmen yesterday on his achievements and challenges as congress president for the past eight years.

Wabba said that the directive of the Senate of the National Assembly seeking an extension of the deadline was appropriate, owing to the fact that majority of Nigerians who live in remote areas where banks do not exist were yet to access the new Naira notes.

The NLC president added that no policy should be meant actually to haunt people like what is happening now, and therefore called on the Federal Government to look at the issue carefully before it snowballs into a major crisis in the country.

He noted that the new notes are not easily available. There are only few in circulation, adding that the rural areas is worse. As most of the rural areas don’t have banks.