Banking

Despite new CBN orders, the pain of the new naira note continues.

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…
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Banking

A man arrested with 250,000 fake new notes in Omuo Ekiti

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…
Banking

New Naira: CBN will arrest and prosecute those who spread fake news.

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…
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Economy

Election Day 4 ahead: Naira Chaos has devastated the economy.

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…
Banking

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

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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