Tag: Currency
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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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BREAKING: Supreme Court stops CBN from ending use of old Naira notes February 10
The Supreme Court gave the order in a suit filed by three APC-controlled states – Kaduna, Kogi and Zamfara. The Supreme Court Wednesday gave an interim order stopping the central bank from ending the use of old naira notes from 10 February, the News Agency of Nigera (NAN) reports. The Supreme Court gave the…
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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 to Release Re-Designed Naira Notes in December
The Governor, Central Bank of Nigeria, Godwin Emefiele, has announced that the bank would release re-designed Naira notes by December 15, 2022. He also said that existing notes would seize to be regarded as legal tender by January 31, 2023. Emefiele disclosed this during a press briefing in Abuja on Wednesday. The CBN said…
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Nigerians Will Be Able To Pay Bills with eNaira from Next Week
The Central Bank of Nigeria (CBN) will launch an upgrade for the eNaira next week, according to reports gathered by EarthNews. The upgrade will allow the Central Bank Digital Currency (CBDC) to be used in a broader range of goods and services, including bill payments. This was confirmed by CBN’s branch controller, Bariboloka Koyor, at…
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REPS ASKS CBN TO REINTRODUCE COINS TO TACKLE INFLATION
Members of the House of Representatives have asked the Central Bank of Nigeria to reinforce the use of coins in the country, to tackle inflation and also stabilize the economy. The call was made during plenary on Tuesday March 22, following a motion moved by a lawmaker, representing Toro Federal Constituency in Bauchi State, Umar…
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Digital Currency: Nigeria Partners with Barbados-based Bitt Inc. for e-Naira
The Central Bank of Nigeria (CBN) has announced the engagement of a Barbados-based fintech, Bitt Inc, as its technical partner for achieving the e-Naira digital currency. This was revealed in a statement by CBN’s Director of Corporate Communications, Osita Nwanisobi. The statement pointed out that the selection of Bitt Inc. from among highly competitive bidders…