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 Institutions Senior Executives (ASSBIFI) has ordered bankers to leave as banks are under attack due to lack of depositor liquidity.
The…
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…
Nigeria’s inflation soared to 21.82 per cent in January 2023, according to the National Bureau of Statistics.
This is amid a redesign of the naira by the Central Bank of Nigeria. January’s inflation rate is a 0.48 per cent point increase from the 21.34 per cent that…
Some fish traders on Wednesday in Ibadan protested the rejection of old naira notes by cold room operators, saying the development lead to losses on their part.
The traders, comprising aged women, had converged on the premises of Agidigbo 88.7FM along Iwo Road-Ojoo Expressway in a peaceful demonstration to pass across their grievances to the state government and the Central Bank of…
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…
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…
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…
New Naira: Falana fires CBN for failing to comply with Supreme Court ruling.
February 14, 2023
Rights activist and Senior Advocate of Nigeria, Femi Falana, has lambasted the Central Bank of Nigeria for allegedly flouting the interim injunction of the Supreme Court suspending the implementation of the February 10 deadline on the use of the old banknotes.
The CBN had…
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…
Report: The price of fuel in stores market increased by 110% in four months.
February 14, 2023
Ex-depot price of Premium Motor Spirit otherwise known as petrol has risen by 110 per cent in four months,
The data showed that the ex-depot price rose from N148 per litre last October to an average of N312 per litre on February 3 this year.
As the sole importer of petroleum products, the Nigerian National Petroleum Company Limited had set the price which products can be sold to oil marketers at…