Category: Money and Stocks

BREAKING: Old N1000, N500 Notes Cease To Be Legal Tender – Buhari

ADEOLA YUSUF

Gives 60 Days Lifeline for N200 old notes, says Nigerians should vote for candidates of their choice President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to allow only the old N200 to remain legal tender until April 10, 2023. This, the president said, is in order to improve currency circulation in the country and ease pains experienced by Nigerians due to the decision to retire some denominations of the old banknotes after a currency redesign project. In a nationwide broadcast this morning, Thursday, the president said that…

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Naira Swap: Buhari To Address Nigerians As Crisis Worsens Nationwide

ADEOLA YUSUF

President Muhammadu Buhari will make a national broadcast on Thursday, February 16, 2023 at 7 am. Special Adviser to the President, Media & Publicity), Femi Adesina, said this in a statement to Platforms Africa just as the confusion and crisis over naira swap degenerated nationwide. As some major cities boil, the Cenreal Bank of Nigeria (CBN) had insisted that the deadline for old naira notes remained February 10, despite an injunction by the Supreme Court for an extension pending hearing in a suit by three states. Commercial banks have also…

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BREAKING: Supreme Court Adjourns Naira Swap Case To Feb. 22

ADEOLA YUSUF

Case now to be heard three days to presidentsial elections + the political economy of the suit, which has now become APC Vs. PdP case The Supreme Court, again, on Wednesday adjourned hearing in a suit filed by Kaduna, Kogi and Zamfara States against the Federal Government seeking a restraining order to stop the full implementation of the naira redesign policy of the Central Bank of Nigeria. The suit was initially adjourned by the apex court till today on February 8, 2023, with all parties involved present. The Governors of…

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Kano To Revoke C of O, Ogun To Shut Banks Rejecting Old Notes

ADEOLA YUSUF

Ogun State Governor, Prince Dapo Abiodun, has warned that the state government will shut any bank that refuses to accept old naira notes in the state just as more states joined the struggle against cash crisis rocking Nigeria. Kano stare has earlier threatened to revoke the Certificate of Occupancy of erring banks. This is coming on the heels of an application filed at the Supreme Court, to join an ongoing suit against the Federal Government over the new naira policy implemented by the Central Bank of Nigeria. The warning is…

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CBN: Old Naira Notes No More Legal Tender

ADEOLA YUSUF

The Central Bank of Nigeria (CBN) has declared that the old N200, N500 and N1000 have ceased being legal tender since February 10, 2023. CBN… The Central Bank of Nigeria (CBN) has declared that the old N200, N500 and N1000 have ceased being legal tender since February 10, 2023. CBN had originally fixed January 31 as deadline for old notes to be in circulation but extended it in response to pressure from Nigerians. READ ALSO: Father, Mother, 3 Kids Die In Lagos-Badagry Expressway Crash Oyo Palace Aide Who Outlived Three…

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Buhari’s Govt Backs Down On Naira Swap Deadline, To Obey S’Court’s Verdict

ADEOLA YUSUF

“Old naira notes remain acceptable until …,” Malami speaks on apex Court ruling on Naira crisis The Nigerian Government has said it would obey the Supreme Court ruling that temporarily suspended the February 10 deadline given by the Central Bank of Nigeria (CBN) for the exchange of the old naira notes with the newly redesigned naira notes. This was confirmed on Thursday by the Attorney General of the Federation and Minister of Justice, Abubakar Malami, during an interview on Arise Television where he said that the government was hopeful that…

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We’re Not Hoarding New Notes, Our N100bn Investment’ll Be At Risk – Banks

ADEOLA YUSUF

  Read-for-yourself statement by Rasheed Bolarinwa-led Association of Corporate Affairs Managers of Banks in Nigeria (ACAMB) on currency scarcity rocking Africa’s biggest economy   Commercial banks in Nigeria have declared that they are not hoarding new Naira notes, maintaining that doing that would put their internet banking investments “in excess of N100 billion” in jeopardy. Speaking through the Association of Corporate Affairs Managers of Banks in Nigeria (ACAMB), the lenders, Platforms Africa reports, said that they empathised with the Nigerian public on the unintended hardships being faced in the process…

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Analysis: Redesigned Notes: LCCI Faults Government’s Phasing Out Approach

ADEOLA YUSUF

The expectations of many Nigerians have been dashed, on positive deployments promised with the redesigned Naira notes. So far, business deals have been impeded, while loss of time and value are experienced by many across the country. Following the disturbing trends, the Central Bank of Nigeria CBN has been called upon to enlighten the public on grey areas about the scarcity of the new Naira notes in addition to strengthening its policy implementation capacity. READ ALSO: Buhari Begs Nigerians For Seven Days To Resolve ‘Cash Crunch’ Issues Protest Rocks Ibadan…

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Heavily Pregnant Woman Dies Over New Naira Crisis

ADEOLA YUSUF

How my wife bled, died with baby after banks refused to give me my money needed for hospital bill, husband narrates pity-evoking incident   Heavily pregnant woman in kasuwan magani, kajuru LGA in Kaduna, who was due for delivery, lost her life after all effort by her husband to withdraw money from the bank failed. Narrating the ordeal, James auta said He went with his wife to the hospital on Monday, where the doctor asked him to deposit money before he started to examine her. READ ALSO: Fake Anti-Malaria Drugs…

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Pay New Notes Over The Counter, CBN Orders Banks As Cash Crunch Worsens

ADEOLA YUSUF

The Central Bank of Nigeria (CBN) has directed commercial banks to commence the payment of the new Naira notes over the counter. This came as cash Crunch being suffered by Nigerians worsened. However, this new order by CBN is subject to a maximum daily payout limit of N20,000. Before now, the redesigned notes could only be paid through ATMs. The bank has also vowed to go after sellers and abusers of the Naira, stating that they shall be prosecuted by the apex bank, the police, and other agencies. READ ALSO:…

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