Barely three days after the Central Bank of Nigeria declared old N1,000, N500 and N200 notes as legal tender, Deposit Money Banks say they are beginning to run out of the old currencies.
The development led to severe hardship and pains for several bank customers seeking to withdraw funds on Wednesday.
The CBN had on Monday directed banks to pay out and accept the old notes from their…
As the Naira crisis weighs on banks' digital platforms, fintechs are booming.
March 3, 2023
The redesign of the naira notes caused a crisis which has made daily operations difficult for many individuals and organisations. Due to a cash shortage in February, Nigeria’s economy almost collapsed, resulting in protests nationwide. As a result, the government…
Operatives of the Ekiti State Amotekun Corps have arrested a man, identified as Celestine, with counterfeited new N1,000 notes amounting to about N250,000.
Celestine, who claimed he was an Anambra State born Lagos-based businessman, said he was heading from Lagos State to…
The Central Bank of Nigeria has threatened to investigate, arrest and prosecute anyone spreading fake news about the naira redesign policy.
This threat was contained in a statement on Tuesday jointly signed by the CBN’s Deputy Governor, Corporate Services, Edward Adamu, and Director, Corporate Communications, Osita Nwanisobi.
The CBN in reaction to a purported press release shared on the…
The chaos trailing the cash scarcity has assumed a worrisome dimension with the organised private sector raising the alarm that the crisis has grounded the economy.
Members of the organised private sector including the Lagos Chamber of Commerce and Industry, Nigerian…
The naira crisis worsened as the currency in circulation fell to 1.54 trillion naira.
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…
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 swap.
on Monday indicated that the banks refused to accept the old N1,000, N500 and N200 notes from depositors and…
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…