Tag: Naira
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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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Court remands Nollywood actress over Naira abuse
A Nollywood actress, Oluwadarasimi Omoseyin, who was seen in a viral video, spraying new Naira notes has been remanded by a Lagos Federal High Court. On Monday, the trial judge, Justice Chukwuejekwu Aneke, made the remand order after the actress pleaded not guilty to the charges made against her by the Lagos zone of the…
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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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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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Naira exchanges 770 to 1$ at parallel market
According to operators, the Nigerian naira exchanged to the dollar for 770 at the parallel market on Wednesday, thereby dropping downwards. Some Bureau de Change (BDC) operators who spoke to our The Punch noted that the naira which had gained relatively to the dollar in recent days had remained unstable. A BDC operator who identified…
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New Naira Banknotes Good For Economy – Experts
As the Central Bank of Nigeria (CBN) introduces new naira banknotes, some financial experts have commended the effort put into the redesign and said it would positively affect the economy. The experts, according to News Agency of Nigeria, spoke in separate interviews on Thursday. They spoke against the backdrop of an announcement by the…