Tag: CBN
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Naira Crunch: CBN Directs Banks To Open On Saturday, Sunday
The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays to meet the…
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CBN finally Bows to Pressure, says Old Naira Notes Legal Tender
Exactly 10 days after the Supreme Court judgement mandated the use of old N,1000 and N500 notes as legal tender till December 31, 2023, the Central Bank of Nigeria Governor, Godwin Emefiele, on Monday bowed to pressure and officially ordered commercial banks to comply with the court verdict. He also announced that the old N200,…
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Supreme Court Extends Old Naira Notes Validity till December 2023
The Supreme Court has extended the validity of the N200, N500, and N1,000 Naira notes till 31 December 2023 A seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians The court held that the directive of President Muhammadu Buhari for the…
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CBN to Clamp Down on Naira Sellers, PoS Operators
As the currency redesign policy continues to generate confusion across the country, the Central Bank of Nigeria has vowed to clamp down on Point of Sale owners, who have turned themselves to payment agents, to take advantage of members of the public. The apex bank described such unaccredited payment agents as fifth columnists whose activities…
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Old Naira Notes no More Legal Tender in Nigeria – CBN declares
The Central Bank of Nigeria (CBN) has declared that the old Naira Notes of N200, N500 and N1000 have ceased to be legal tender in Nigeria since the 10th of February, 2023. The declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza while briefing Journalists on…
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Naira Swap: Reps Oppose CBN Extension as Scarcity Bites
The House of Representatives has rejected the February 10 deadline for the phasing out of old currency notes announced by the Central Bank of Nigeria on Sunday. The House of Representatives Ad hoc Committee on New Naira Re-design and Naira Swap Policy on Sunday described the new date as a mere political gimmick to further…
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BREAKING: CBN Raises Interest Rate to 17.5%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent. The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday. This is the fifth time the CBN…
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CBN Bans Over-The-Counter Withdrawal of New Notes
The Central Bank of Nigeria has ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again. Instead, the apex bank directed the banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023…
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BREAKING: CBN Limits Cash Withdrawals to N100k Weekly
The Central Bank Of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, which take effect from January 9, 2023. According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week (…
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Visa ban: UAE blackmailing Nigeria, CBN – Youth group
A coalition of youths under the aegis of Nigerian Ethnic Youths Leaders Council on Wednesday said that the threat by United Arab Emirates to slam visa ban on Nigerians is an ill-conceived plot to blackmail the government and the Central Bank of Nigeria. The membership of NEYLC cuts across Arewa Consultative Youths Movement, Ohanaeze…