Naira Redesign: Commercial Banks Resume Issuance of Old N500, N1000 Note Some commercial banks in Nigeria on Monday resumed the issuance of the old N500 and N1000 denominations to the public. The move followed a Supreme Court judgement, which extended the validity of the banknotes till December 31, 2023. In another development, the Central Bank … [Read more…]
The Central Bank of Nigeria, CBN, has said it did not direct banks to collect the old N500 and N1,000, as earlier reported. Director, Corporate Communication, Mr. Osita Nwanisobi, stated this in response to media reports that the apex bank had directed commercial banks to collect the old N500 and N1,000. He said: “The attention … [Read more…]
The Central Bank of Nigeria (CBN) has asked banks to start collecting old N500 and N1000 notes from customers. Osita Nwanisobi, spokesman of the apex bank, disclosed this on Friday, stating that any amount above N500,000 could not be deposited. The development comes amid the nationwide outrage over the rejection of the notes which President … [Read more…]
Pinnacle Oil and Gas Limited has petitioned the Director-General of the Department of State Services (DSS) alleging a sinister plot by political opponents of its Founder/Chief Executive Officer and the Peoples Democratic Party (PDP) governorship candidate in Enugu State, Dr. Peter Mbah, to cause a breach of the peace and sabotage the national economy by … [Read more…]
Deposit Money Banks (DMBs) across the country yesterday started rejecting the old naira notes despite the Supreme Court order extending the deadline till tomorrow, February 15 when an action would most likely be taken. Daily Trust findings across several states of the country and the Federal Capital Territory (FCT) indicates that the commercial banks were … [Read more…]
Amidst the cash crisis bedevilling the country and the expectations of Nigerians that President Muhammadu Buhari would resolve the matter in seven days as promised, the governor of the Central Bank of Nigeria (CBN) has said the apex bank does not have the capacity to print adequate new naira notes. Emefiele made the disclosure on … [Read more…]
The Central Bank of Nigeria (CBN) has clarified it’s position on the legal status of the old series of the N1,000, N500, N200 banknotes after the February 10 deadline for depositing the affected banknotes. The Director, Corporate Communication Department of the CBN, Mr Osita Nwanisobi, while speaking with newsmen on Tuesday in Abuja, explained that … [Read more…]
He noted that so much money can be spent without it being tracked under the current election financing system in the country. Nigeria Vice President Yemi Osinbajo has declared that cashless monetary policy will go a long way to curb illicit election financing in the country. He submitted that when fully operational, the cashless policy … [Read more…]
The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has called for extension of deadline by the Central Bank of Nigeria (CBN) to phase out old naira notes in circulation. The apex bank had issued January 31 as the deadline the old naira notes will stop being legal tender, insisting it would not … [Read more…]
Maikyau expressed what he described as telling concerns about the fate of Nigerians with the old currency past the deadline, saying, “The law is clear on this issue.” The Nigerian Bar Association (NBA) says the Central Bank of Nigeria (CBN) is under statutory obligation to redeem the old N200, N500, and N1,000 banknotes after the … [Read more…]
As the deadline for the cessation of old notes closes in, many business owners and customers across Lagos have started rejecting the old notes for the fear of being caught up by the CBN directive possession of the notes. This is coming after the CBN Governor, Godwin Emefiele, insisted that i January 31 deadline remains … [Read more…]
…raises interest rate to 17.5% The Senate has once again asked the Central Bank of Nigeria (CBN) to extend the deadline for the stoppage of the use of old naira notes from January 31 till July 31, 2023. With one week to the deadline for the termination of the use of the old naira notes, … [Read more…]