Banking

Circulation of old notes: CBN starts monitoring today and the bank has set a two-week target.

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March 24, 2023
The Central Bank of Nigeria on Thursday began the disbursement of old naira notes to Deposit Money Banks as government authorities stepped up efforts to end the biting currency scarcity that has inflicted pain on millions of bank customers nationwide. The central bank had directed DMBs to pick old N1,000, N500 and N200 notes at its offices across the country for onward disbursements to customers…
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Markets

Oil marketers reject old Naira notes despite CBN policy.

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March 14, 2023
Oil marketers, on Monday, insisted that they were no more interested in the old naira notes and would not collect them from the public, despite claims that the Central Bank of Nigeria had cleared the bills for the transaction. It was also gathered that Deposit Money Banks…
Banking

More and more banks are issuing old notes, and customers are refusing deposit conditions.

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March 10, 2023
More Deposit Money Banks have begun to dispense old N1,000 and N500 notes to their customers, about three days after a few banks started doing so. Polaris Bank and First Bank had started to pay old N1,000 and N500 notes to their customers. This came about three days after Guaranty Trust Bank Plc, Zenith Bank Plc and Sterling Bank started dispensing old N1,000 and N500 notes to their…
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Banking

Fuel station, other reject old notess, bank rations.

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March 8, 2023
The fresh move by some Deposit Money Banks to re-circulate old N500 and N1,000 notes suffered a setback on Tuesday as motorists, fuel stations, retailers, traders, and other categories of bank customers rejected the old currencies. The development came about 48 hours after…
Banking

Old Naira: Supreme Court decision overturned, invoke Executive Order- CSO's Buhari said.

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February 9, 2023
The Civil Society Central Coordinating Council, the apex body of all civil society groups in Nigeria, has rejected the exparte order made by the Supreme Court restraining the CBN and President Muhammadu Buhari from terminating the use of the old N200, N500 and N1000 bank notes. The group therefore called on President Buhari to immediately consider issuing Executive Orders to bring to effect the…
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Uncategorized

Naira Redesign: Here again CBN insists on January 31st.

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January 28, 2023
The Central Bank of Nigeria has confirmed that the January 31 deadline for the old 200, 500 and 1,000 naira banknotes has not changed. This is due to calls coming in from various parties asking and asking that Apex Bank change its reasoning and extend the deadline to give…