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Tag: CBN

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, […]

Appeal Court overturns Emefiele’s asset forfeiture order
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 […]

CBN fines banks N1m daily over refusal of new naira
Business

New naira: Business activities lag in Anambra over scarcity

Oluwanifemi Ojo   The residents of Anambra have gathered in banks and markets across the region’s major cities following the January 31 deadline set for the old nkte to stop being a legal tender.     The Punch observed while moving across different regions and some part of Awka on Saturday that traders have been […]

Appeal Court overturns Emefiele’s asset forfeiture order
Economy

New naira: No reason to shift Jan 31 deadline, says CBN

Oluwanifemi Ojo   The governor of Central Bank of Nigeria has again stated that the deadline for phasing out the old note remains January 31.   This was said in a video from the just concluded Monetary Policy Committee held on Saturday. The video was posted on the verified Twitter page of CBN stating that […]

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

New naira: Buhari assures Nigerians of speedy circulation

The President, Major General Muhammadu Buhari (Ret’d.), has assured that the government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the imminent deadline of the new naira swap.   Buhari gave this assurance in a statement issued by the Senior Special Assistant […]

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

We’re not hoarding new naira, banks debunk CBN’s claims

Oluwanifemi Ojo   Commercial bank operators in Nigeria have disputed assertions made by the Central Bank of Nigeria that they are hoarding naira notes despite having enough supply.   The claims of the Central Bank of Nigeria were countered by the officials of commercial banks that appeared before the ad hoc committee of the House […]

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