Currencies

Lagos, March 14, 2023 – The Central Bank of Nigeria has finally announced its directive to commercial banks to dispense and receive old naira notes as legal tender across the country. The official confirmation came from a statement issued on Monday night by Isa AbdulMumin, the Acting Director, CBN Corporate Communications. The Global Business (GBN), had on Monday morning, reported that that the apex bank had issued the directive to commercial banks to dispense and receive the old notes after a meeting of the Bankers Community on Sunday evening. The …

Lagos, March 13, 2023 – The Central Bank of Nigeria (CBN) had directed commercial banks to start disbursing and receiving old naira notes in compliance with the supreme Courts directive. The directive by the CBN to the banks was said to have been issued on Sunday night after a meeting of the Bankers Committee Chaired by Godwin Emefiele, CBN Governor. Gov Chukwumeka Soludo of Ananbra State confirmed this in a tweet on Monday. Soludo, has in turn, directed all banks in the state to start disbursing and receiving the old …

By Muda Yusuf The protracted acute cash scarcity has not only crippled economic activities in the country, it is now a major risk to the livelihoods of most Nigerians.  Millions of citizens have slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70% of cash in the economy. Nigerians have not been this traumatized in recent history. The economy is gradually grinding to a halt because of the collapse of payment systems across all …

Akure, March 9, 2023 – Oluwarotimi Akeredolu, the Ondo State Governor, has appealed to residents in the state to accept old naira notes for transactions. The Global Business News (GBN) reports that residents in the state were not receiving the old N500 and N1000 naira notes in spite of the Supreme Court’s ruling last Friday that the old notes were still legal tender. Akeredolu made the appeal during a state-wide broadcast on Thursday morning, appealing that traders, artisans, transporters, farmers and everybody should accept the old notes for transactions as …

Lagos, March 6, 2023 – The Central Bank of Nigeria (CBN) is still maintaining its silence on the implementation of Supreme Court’s order allowing the circulation of old naira notes. The apex court, had in its judgment on Friday, ordered the CBN to allow the old currency notes of N200, N500 and N1000 to continue to be in circulation till Dec. 31, 2023. The apex court ruled that the old notes should still be circulating along with the new notes till then in a suit brought before it by some …

Abuja, March 3, 2023 – Femi Gbajabiamila, the Speaker of House of Representatives, has commended the decision of the Supreme Court on the circulation of old notes. The Supreme Court, on Friday, reversed the order of the Federal Government restricting the old notes of N1000, N500 and N200 from circulating since Feb. 10. The court, in a judgment in a suit brought by some state governors on the naira redesign policy, ordered that the old notes should be allowed to circulate along with the new notes until Dec. 31, 2023. …

Kaduna, March, 3, 2023 – President Muhammadu Buhari has apologised to Nigerians over the hardship caused by the implementation of naira redesign programme of Federal Government. He made the apology while appealing to Kaduna residents to vote for the APC Gubernatorial Candidate in the state. Senator Uba Sani. The president, who spoke in a viral video in Hausa language on Thursday, said the naira redesign policy was not meant to cause hardship to Nigerians, but enhance the economy. “First of all, I want to once again thank you for the …