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 clarification from the court followed a complaint by Abdulhakeem Mustapha (SAN), lawyer to the Kaduna, Kogi and Zamfara states…
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…
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, valued at N51.45m in 2016.
The 2018 report showed that N93.43m fake notes were seized in 2017 and N98.82m in 2018.
The…
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…
Naira Deadline: Banks and fuel stations reject old bills, ignoring Supreme court orders.
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…
Transport Minister Mu’azu Sambo announced the federal government’s decision to introduce 24/7 online surveillance of the Abuja-Kaduna rail corridor.
He said this strategy will ensure the safety of passengers, employees and property along the Abuja-Kaduna rail corridor and other rail corridors.
The minister also said that a command center would be set up on the Abuja-Kaduna railway…
Jaiz Bank, the Premier Non-Interest Bank in Nigeria has recorded a N.67 billion Profit Before Tax, at the close of its 2022 operation year.
The figure, according to the statement by the bank, yesterday, represented a significant increase in Profit Before Tax (PBT) by 52.63%…
Old Naira Note: We will follow the decision of the Supreme Court. FG said
February 10, 2023
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…
The Central Bank of Nigeria (CBN) has accepted culpability for the resultant chaos of the naira redesign and cash withdrawal policy, saying it didn’t anticipate them.
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Recall that angry Nigerians have been staging protests and attacking banks across the country amid difficulties in accessing their cash to carry out regular transactions.
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Reacting to the development, a CBN Deputy Governor…