Money market

Abuja, Feb. 15, 2023 – The Supreme Court says the old naira notes are still valid as Nigeria’s legal tender until the final adjudication of the case in dispute. It said this followed its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old 200, 500 and 1000 notes. The court made the clarification on Wednesday following a complaint by Abdulhakeem Mustapha, a lawyer to Kaduna, Kogi and Zamfara states, that the Fed Govt and its agencies had failed …

Abuja, Feb. 14, 2023 – The Central Bank of Nigeria (CBN) says the naira redesign programme of federal government is to lower inflation rate among other objectives. Godwin Emefiele, the CBN governor, said this on Tuesday while briefing members of the diplomatic corps on the redesign of naira notes in Abuja. “The policy is typically expected to cause deflation in the market as less cash holding reduces currency outside banks and retards money circulation. “The accompanying decline in money supply will thus slow pace of inflation.  “As you can see, …

Abuja, Feb. 2023 – Godwin Emefiele, the Governor of the Central Bank of Bank (CBN), on Tuesday said there was no need to shift the Feb.10 deadline on the circulation of old naira notes. He said this in Abuja while discussing the monetary and currency redesign policy with diplomats. Emefiele said shifting the February 10 deadline was needless. He said the situation was substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents. “There is, therefore, no need to consider any shift from …

Ado-Ekiti, Feb. 12, 2023 – The Ekiti State government has applied to be joined as a co-plaintiff in a suit against President Muhammadu Buhari’s regime at the Supreme Court over the naira redesign policy and the deadline by the CBN. Yinka Oyebode, the Special Adviser to Governor Biodun Oyebanji on Media, announced this in a statement in Ado-Ekiti on Sunday. According to him, the application for joinder was filed on Friday at the Supreme Court by the Ekiti Attorney General and Commissioner for Justice, Dayo Apata, seeking three reliefs. The …

Lagos, Feb. 11, 2023 – The Central Bank of Nigeria (CBN) has denied reports that the CBN Governor, Mr. Godwin Emefiele, had attributed scarcity of new naira notes to shortage of printing materials at the Nigerian Security Printing and Minting Company (NSPMC).   The CBN made the denial in a statement issued on Saturday by the CBN Director of Corporate Communications, Mr Osita Nwanisobi The CBN said that the CBN Governor did not make such attribution during his presentation to the National Council of State at its meeting on Friday, …

Abuja, Feb. 10, 2023 – The National Council of State has directed the Central Bank of Nigeria (CBN) to make more new naira notes available to Nigerians to relief them of the current hardship. Godwin Emefiele, the CBN Governor, was also advised to allow circulation of the old naira notes. These are some of the decisions taken at the Council of State meeting held in Abuja on Friday. Abubakar Malami, the Attorney-General of the Federation and Minister of Justice, briefed journalists on its outcome. He was accompanied by Governors Babajide …

Abuja, Feb. 8, 2023, – The International Monetary Fund (IMF) has advised the federal government to extend the February 10 deadline on cash swap. The IMF gave the advice in Abuja on Wednesday The IMF, in a statement by Laraba Bonet, hinged its advice on the hardship Nigerians were going through.  “In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap …