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…]
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…]
The two arms of the National Assembly, the Senate and the House of Representatives, yesterday asked the Central Bank of Nigeria, CBN, to extend the deadline for the usage of old naira notes beyond the January 31 target set by the apex bank. While the Senate asked that the deadline be extended to July 31, … [Read more…]
Governors of the 36 states have planned to meet with the Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday over the present withdrawal policy and the redesigned naira notes. The governors under the auspices of the Nigeria Governors’ Forum through its spokesperson, Abdulrazaque Bello-Barkindo, in a statement Tuesday night said the governors … [Read more…]
The intervention of one of the Service Chiefs yesterday saved Governor of the Central Bank of Nigeria, (CBN) Mr. Godwin Emefiele, from arrest upon return to Nigeria from his annual vacation abroad. This is coming at a time the Directorate of State Services (DSS) denied ever storming the CBN headquarters to arrest Emefiele, with the … [Read more…]
The Central Bank of Nigeria may be under pressure to extend the deadline for old naira notes to cease being legal tender as bankers and customers push for the extension. The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing … [Read more…]
The Nigerian currency appreciated against the United States currency after the Central Bank of Nigeria (CBN) boldly rejected the call by International Monetary Fund (IMF) and World Bank to allow market forces to determine the exchange rate. Data from FMDQ securities at the last trading day of last week showed naira closed at $418.33 to … [Read more…]
Access Bank, Stanbic IBTC Bank and United Bank for Africa have been slammed with an N800 million fine by the Central Bank of Nigeria over flagrant disregard to existing regulations outlawing consumers from transacting in crypto currencies. According to Bloomberg, the sanctions were part of the CBN’s deterrence to ensure banks’ compliance; just as the … [Read more…]
The Central Bank of Nigeria (CBN), at the weekend, warned Deposit Money Banks (DMBs) to immediately desist from bringing mutilated banknotes as part of their deposits. Composed banknotes or mutilated Naira notes comprise several parts of different banknotes of the same denomination. The parts of such currency notes are usually put together with the intention … [Read more…]
Banks’ borrowings from the Central Bank of Nigeria, CBN, rose by 233 per cent, year-on-year, to N26.9 trillion in 2021 reflecting increased reliance on the apex bank to cope with the intense scarcity of funds which prevailed in the interbank money market for most part of last year. The CBN has two short … [Read more…]
In its bid to reverse the nation’s over-reliance in imports by creating a platform that supports right companies and projects with potential to immediately transform and jumpstart the productive base of the economy, the Central Bank of Nigeria (CBN) has unveiled the criteria for participating in its 100 for 100 policy on Production and Productivity … [Read more…]
The Central Bank of Nigeria has said its newly launched e-Naira project is secure and dependable. The Director of Corporate Communications, Mr Osita Nwanisobi, stated this while speaking at the ongoing CBN-Fair in Abakaliki on Thursday. According to the apex bank, the security and dependability of the e-Naira stem from the fact … [Read more…]