Banking

Old Naira Note: We will follow the decision of the Supreme Court. FG said

The Federal Government has said it would obey the ruling of the Supreme Court suspending the February 10 deadline given by the Central Bank of Nigeria, CBN on the exchange of naira notes. Recall that the apex court in its ruling on Wednesday, suspended the February 10 deadline on the old naira notes which expires today. The Attorney General of the Federation, Abubakar Malami, who confirmed this in…
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Banking

Buhari meets Emefiele in Aso Rock after Supreme Court judgment.

President Muhammadu Buhari has received the Governor Godwin Emefiele of the Central Bank of Nigeria, CBN, in Aso Rock, Abuja. The meeting is holding hours after the Supreme Court, on Wednesday, ruled to stop the February 10 deadline for the validity of three old naira notes. Recall that an interim injunction after an ex parte filed by Kogi, Kaduna and Zamfara state governments was granted by a…
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Banking

Sterling Bank has waived transaction fees due to the lack of Naira.

Sterling Bank said it has waived all personal account transaction fees in solidarity with customers facing a new naira shortage. Sterling Bank CEO Abubakar Suleiman made the announcement to clients via email. Here is part of an email to Sterling customers: Feb 6, 2023 – Feb 18, 2023. We are also happy to announce that we are offering a free debit card to all interested customers. It’s…
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Banking

Banks shut branches over customer attacks.

As the naira scarcity persists, some banks are shutting their branches over rising customer attacks, This came a day after the Lagos State Police Command issued a warning that some groups were planning to unleash violence in the state due to the naira scarcity. Some of the…
Banking

CBN can fine banks for holding new banknotes.

The Central Bank of Nigeria may fine banks hoarding new notes a sum of N5m and members of the public selling the new notes N50,000. This was based on the Central Bank of Nigeria Act of 2007 and the Banks and other Financial Institutions Act of 2020. According to the Banks…
Banking

50% PoS operators close shops over naira scarcity.

Over 50 per cent of Point of Sale operators have closed their shops as scarcity of new and old naira notes bites harder, it has been learnt. The National Chief Aggregating Officer of the Association of Mobile Money and Bank Agents in Nigeria, Hussein Olanrewaju, who made this disclosure on Monday, said the impact of the ongoing shortage of new and old naira notes had worsened the plight of…
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