Banking

Naira crisis: banks ration old notes, NLC demands 7-day ultimatum.

Deposit Money Banks have begun to ration the disbursements of old N1,000 and N500 notes to their customers amid uncertainty over whether the Central Bank of Nigeria will release the old notes in its custody. This came about 24 hours after the CBN Governor, Godwin Emefiele, announced that old N1,000, N500 and N200 notes remained legal tender. But despite the CBN’s statement on Monday night…
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Banking

Old Naira Notes Remain Legal Tender-Sanwo Olu

The Lagos State Government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities. There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023. The apex court declared…
BankingEconomy

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

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

Protest in Ondo over naira swap.

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.

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…