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Tag: Naira Scarcity

The logo of Chartered Institute of Banking Nigeria
Business

Naira redesign: Banks are not closing, says CIBN

The Chartered Institute of Bankers of Nigeria has debunked the rumours that commercial banks will close down. CIBN joined to support the refute by the Central Bank of Nigeria about the report on the closure of banks. Recall that the CBN on Friday debunked claims that it planned to close down some commercial banks. The […]

Godwin Emefiele, CBN Governor and the redesigned naira note
Banking Business

Naira redesign: CBN must follow rule of law, says NGF

The Nigeria Governors’ Forum has urged the Central Bank of Nigeria to follow the rule of law in driving its naira redesign policy. According to a report by Premium Times, the NGF made these statements in a communiqué that was released at the conclusion of its meeting on Saturday in Abuja. The statement was signed […]

A photo of the governor of Kano State, Dr Abdullahi Gandjue
Business

Ganduje shuts Kano supermarket over old naira rejection

The Governor of Kano State, Dr Abdullahi Gandjue, directed the State’s acting Chairman of the Consumer Protection Council, Dr Baffa Babba Dan’agundi, to shut down Wellcare Supermarket. This was because the supermarket was rejecting the old notes against the orders of the state government. Dr Baffa disclosed this after shutting down the supermarket. He also […]

Market traders selling perishable goods
Business

Naira scarcity: Abuja traders lament low patronage 

Traders in Abuja have lamented over the low patronage owing to the scarcity of naira notes. These women complained about the poor sales while speaking with the News Agency of Nigeria on Sunday in Abuja. According to NAN, most traders had no choice but to receive payment after sales through bank transfers. Also, it was […]

Godwin Emefiele, CBN Governor and the redesigned naira note
featured

Naira crisis: CBN top officials meet on Monday

The top officials of the  Central Bank of Nigeria are to meet on Monday over the redesigned naira notes crisis. The aim of the meeting is to proffer solutions that will address the naira hardship. The Punch reported that the meeting will review the advice offered by the National Council of State. The Council suggested […]

Godwin Emefiele, CBN Governor and the redesigned naira note
Business featured

ICYMI: Old naira: What to know about CBN deadlines

The Central Bank of Nigeria on January 29, extended the deadline for phasing out the old note from January 31 to February 10. Following the naira crunch, the the Supreme Court temporarily stopped the CBN’s deadline. It means for now, the CBN has not communicated any other deadline for the old naira note to stop being […]

Business

Scarcity: Accept POS payment, FG orders fuel stations

The Federal Government of Nigeria has ordered fuel stations to make use of Point of Sale and accept payment via bank transfers.nairafuel Following this order, it mobilised security officials on Thursday to monitor the activities of fuel stations. According to The Punch, it said the move was necessary because of the information received about the […]

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 […]

Naira scarcity: Hardship vital for economy, says finance minister
Economy

Naira scarcity: Hardship vital for economy, says finance minister

The Federal Government stated that the difficulties faced by Nigerian owing to the redesign of the naira are temporary and necessary for the long-term stability of the economy. This was said by the Minister of Finance, Budget and National Planning, Zainab Ahmed when responding to questions from journalists at the 65th edition of the State […]

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