BankingEconomy

The naira crisis worsened as the currency in circulation fell to 1.54 trillion naira.

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February 20, 2023
As the Naira crisis worsened, the total amount of money in circulation in the Nigerian economy fell from 3.3 trillion naira to 1.54 trillion naira, according to documents from the Central Bank of Nigeria. This was due to a huge shortage of new naira banknotes, while a dire shortage of the old currency caused great hardship and suffering for millions of Nigerians and left some stranded. According…
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Banking

New naira: Banks will ensure workers’ safety – CIBN

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February 19, 2023
The Chartered Institute of Bankers of Nigeria on Friday said it was liaising with the Body of Banks’ Chief Executive Officers to address the current challenges occasioned redesign of the N1,000, N500, and N200 notes. It said the banks would continue to remain open to…
Banking

Bank workers may go on strike on Monday.

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February 18, 2023
Problems accessing new Naira banknotes could increase as bank workers go on strike starting Monday. The industrial action, is owing to attacks on bank workers by depositors of the old N,1000, N500 and N200 notes. The Association of Banking, Insurance and Financial…
Banking

Just In: CBN orders banks to collect old N500, N1,000 notes.

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February 17, 2023
The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were no more legal tender. A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following…
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Banking

Protest in Ondo over naira swap.

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February 15, 2023
Protest has erupted in Akure, the Ondo State capital, over the refusal of commercial banks to receive old naira notes from customers as well as pay out new notes. The protest began at the First Bank, Alagbaka by angry customers who had waited for several hours without…
Banking

Old naira naira still legal tender - Supreme Court.

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February 15, 2023
The Supreme Court on Wednesday affirmed the validity of the use of old 200, 500 and 1000 naira notes. The apex court maintained that the February 8 hearing which paused the implementation of the February 10 deadline ban on the use of old naira notes still subsists. The…
Banking

New Naira: POS agents who charge more than N200 will be jailed - CBN.

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February 14, 2023
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that Point of Sale agents who charge above N200 for the CBN cash swap programme will be arrested and jailed when caught. He said this on Tuesday during a visit to the Ministry of Foreign Affairs, to discuss the monetary and currency redesign policy of the bank. He said, “The situation is substantially calming down since the…
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Banking

CBN Seizes N365M Counterfeit Banknotes in 5 Years.

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February 14, 2023
The Central Bank of Nigeria seized N365.24m counterfeit notes between 2016 and 2020, The figures were collated from the CBN’s annual report for each year available on its website. The 2017 CBN annual report noted that the bank seized 77,576 pieces of counterfeit banknotes…
Banking

Naira Deadline: Banks and fuel stations reject old bills, ignoring Supreme court orders.

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February 14, 2023
Some commercial banks and filling stations have stopped collecting the old naira notes from customers, contrary to the ruling of the Supreme Court restraining the Federal Government from enforcing the February 10 time limit earlier fixed by the apex bank for the currency swap. on Monday indicated that the banks refused to accept the old N1,000, N500 and N200 notes from depositors and…
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