Category: Money and Stocks

We Didn’t Direct Banks To Disburse Old Notes – CBN

ADEOLA YUSUF

The Central Bank of Nigeria (CBN) on Tuesday said it has not issued a fresh directive to commercial banks on last Friday’s judgment of the Supreme Court ordering the circulation of the old naira notes alongside the new ones until December 31. A seven-member panel of justices presided over by Justice Inyang Okoro had described as unconstitutional, President Muhammadu Buhari’s directive to the CBN for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, Federal Executive Council, the National Council of States,…

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BREAKING: Banks Begin Circulation Of Old N1000, N500 Notes

ADEOLA YUSUF

“We have an order to do so from the head office,” Kano, Abuja branches of GTBank, Polaris take the lead   Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December, some deposit money banks have started paying out the old notes. According to Dailytrust report, some commercial banks in the City of Kano and Abuja have commenced paying out the old N500 and N1000 notes. READ ALSO: BREAKING: Old N1000, N500, N200 Legal Tender Till Dec. 31- Supreme…

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Cash Constraint Affecting Rural Dwellers’ Living Standard – Report

ADEOLA YUSUF

Agusto & Co has said that the cash constraint that emanated from the naira redesign policy of the Central Bank of Nigeria will affect the living standard of rural dwellers. It said this in a report titled ‘Redesign gone wrong? – costly cashless’. It stated, “The cash constraint is also likely to compel consumers to prioritise spending on necessities, leaving many businesses, particularly MSMEs, with decreased sales and heightened credit risks. READ ALSO: JJC Skillz Remarries Nine Months After Split From Funke Akindele Soldiers Shoot 15-year-Old boy, Keke Operator Dead…

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BREAKING: Old N1000, N500, N200 Legal Tender Till Dec. 31- Supreme Court

ADEOLA YUSUF

  . Apex Court nullifies naira redesign policy, says old notes valid till Dec 31     The supreme court has invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN). The court made the declaration on Friday while delivering judgment in a suit instituted by three states of the federation. A seven-member panel of the apex court held that the old N200, N500 and N1000 remain valid legal tender until 31 December 2023. More to follow…

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Supreme Court Fixes March 3 For Judgement On Naira Swap Suit

ADEOLA YUSUF

The Supreme Court has fixed March 3, 2023, for judgement in the naira redesign suit filed by Zamfara, Kogi and Kaduna state governments. Dissatisfied with the decision of the Federal Government to phase out N500 and N1000 notes, some governors had headed for the apex court, which restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with the new ones. However, the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said there was no need to shift the deadline. President Muhammadu Buhari had…

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Help, Naira Crisis Killing Our Business, Commercial Sex Workers Beg Buhari

ADEOLA YUSUF

“We are counting losses because our Roscos (name they call male customers) are broke. Those who have cash will price you as low as N1,500″   Some commercial sex workers in the Federal Capital Territory (FCT) have decried low patronage in their business due to the scarcity of Naira notes. Some of them who spoke in Abuja on Sunday, said the scarcity of the notes was a threat and had crippled their businesses. They said that although the currency swap policy was commendable, the current mode of implementation was a…

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U-TURN: Collect Old N1000, N500 Notes, CBN Orders Banks As Protests Spread

ADEOLA YUSUF

Nigerians can now heave a sigh of relief as the Central Bank of Nigeria (CBN) has ordered comercial banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. PUNCH reports that it however, pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were no more legal tender. A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to…

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Lagos-Ibadan Expressway Blocked As Protest Rocks Ogun Over Naira Crisis

ADEOLA YUSUF

Heavy protest in Ifo, Mowe worsened gridlock, pains as soldiers mobilised, dispersed protesters + PHOTOS   The two major entry and exit roads into Lagos; the Lagos-Ibadan expressway and the Lagos-Abeokuta expressway, were on Friday, blocked by protesters who also halted  commercial activities in Mowe, Ibafo, Ifo, and Arigbajo areas of Ogun State. Platforms Africa reports that the protest which broke out over Naira Swap crisis rocking Nigeria  also took place in Abekoko, Bank bus – stop, Ifo Local Government. Residents who had been going to banks for withdrawal said…

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BREAKING: Violence Erupts In Lagos As Naira Scarcity Worsens

ADEOLA YUSUF

Police confirm unrest, name volatile areas   Violence on friday morning erupted in some areas in Lagos, Nigeria’s commercial capital, as Nigeria swap crisis bite harder. The Lagos State Police Public Relations Officer, Benjamin Hundeyin, who confirmed the unrest, stated that the violence was happening in the Mile 12 area of the State. READ ALSO: BREAKING: Old N1000, N500 Notes Cease To Be Legal Tender – Buhari Buhari Jet Out To Addis Abbaba Amidst Naira Scarcity BREAKING: One Feared Dead as Police Resist Mob Attack on CBN Office Supreme Court:…

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