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Tag: CBN

As regional groups across the country continue to condemn the hardship faced by citizens, attributed to the removal of fuel subsidy and the foreign exchange crisis which has led to food inflation and high transport cost.
Foods

Naira, fuel crises cause food shortage in Kaduna

Residents of Kaduna State have cautioned of approaching starvation as a result of fuel shortages and new currency that have disrupted the state’s food supply system. DAILY POST reported  that due to lack of money and fuel, several business people that sell food and ingredients have reduced their supplies. “The majority of my suppliers have […]

President of the MAN, Francise Meshioye
Business

MAN tasks CBN on effective monetary system

The Manufacturers Association of Nigeria has urged the Central Bank of Nigeria to take on an effective monetary system to stop the hardship that is caused by the new naira design. This was stated on Tuesday by the President of the association, Francise Meshioye, at the Annual MAN reporter of the year award. According to […]

Economy featured

Supreme Court halts CBN from banning old naira

Juliet Buna   The Supreme Court on Wednesday temporarily halted the move by the Federal Government to ban the use of the old naira notes from February 10, 2023.   According to The PUNCH, a seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte […]

TETFund urges FG to increase education tax
Business

Buhari holds emergency meeting over naira, fuel crises

President Muhammadu Buhari will call an emergency Council of State meeting on Friday in order to address the issues plaguing the country, including the naira, petrol shortage, and insecurity ahead of the February 25 presidential election. According to Daily Post, on Friday at 10 a.m., the Central Bank of Nigeria, and the Independence National Electoral Commission […]

Why CBN won't print naira again - Budget minister
Banking

Naira crisis: CBN to fine banks hoarding new notes

The Central Bank of Nigeria may levy fines of N5 million on banks holding fresh notes and N50,000 against individuals selling them. According to Punch, this was based on the Banks and Other Financial Institutions Act of 2020 as well as the Central Bank of Nigeria Act of 2007. In accordance with the Banks and […]

Buhari
Economy

Naira crisis: Three northern APC states sue Buhari, CBN

Three All Progressive Congress governed states, Kaduna, Kogi and Zamfara State Governments have sued the President, Major General Muhammadu Buhari’s (Ret’d.) government to court, over the new naira policy introduced by the Central Bank of Nigeria.   Naija News reported that according to the motioned filed, owing to the current hardship suffered by their state […]

Zulum
Banking

Naira scarcity: Zulum inspects Maiduguri banks [Video]

The Executive Governor of Borno State, Prof. Babagana Umara Zulum, on Friday, visited various commercial banks across the state to conduct inspection.   Zulum, in an online video was seen physically inspecting banks in Maiduguri, the state capital.   Some of the banks visited were the branch of the Central Bank of Nigeria in the […]

Naira scarcity: Nasir El-rufai
News

Naira scarcity: Gov took N500m from single bank, claims El-Rufai

The Kaduna State Governor, Nasir El-Rufai, has said an unnamed governor received N500 million new notes. According to Daily Trust, El-Rufai, in an interview with BBC Hausa, claimed that politicians who are the targets of the naira redesign scheme already have their way. “There is nothing wrong with changing currencies; every country does it. However, […]

Emefiele orders banks to dispense old naira notes - Soludo
News

Naira redesign: Reps to issue Emefiele’s arrest warrant Tuesday

Following a unanimous agreement amongst members, the Speaker of the House of Representatives, Femi Gbajabiamila, is expected to sign the warrant of arrest against the Governor of Central Bank of Nigeria, Godwin Emefiele, during plenary on Tuesday.   Recall that, the Chairman of the Committee and the Majority Leader of the House, Alhassan Ado Doguwa, […]

Police storm Emefiele's Abuja residence
Banking

New naira: CBN recovers N1.9trn in two months

Following the cash withdrawal policy and the naira notes redesign, the Central Bank of Nigeria said it has since recovered N1.9 trillion in cash previously held outside of the banking system.   The CBN governor, Godwin Emefiele, said this on Sunday as part of his update following a meeting with the President, Major General Muhammadu […]

New naira note: CBN insist on January 31st deadline
Banking

New naira: Experts hail CBN for deadline extension

Oluwanifemi Ojo     Financial experts have commended the Central Bank of Nigeria for the decision to shift the deadline that was set to phase out the old notes from December 31 to February 10.   Following the plea made by key stakeholders across the country, the 36 state governors, the Arewa Consultative Forum, traditional […]