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Tag: Naira Notes

  • CBN Confirms evacuation of banknotes to DMBs

    CBN Confirms evacuation of banknotes to DMBs

    The Central Bank of Nigeria, CBN has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations.

    The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays.

    The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, disclosed this in Abuja, on Friday, stating that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

    According to him, the CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

    “Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he noted, adding that the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.

    He, therefore, urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.

  • 10 States Write S’Court To Nullify Buhari’s Directive Old Naira Notes

    10 States Write S’Court To Nullify Buhari’s Directive Old Naira Notes

    Ten states have asked the Supreme Court to set aside the pronouncement of President Muhammadu Buhari banning old N500 and N1,000 notes.

    The governors, in Suit No SC/CV/162/2023, filed on Friday by their counsel, A.J. Owonikoko (SAN), want the apex court to declare the President’s directives in his Thursday’s broadcast as unconstitutional.

    The plaintiffs in the suit are the Attorneys General (AGs) of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos states while the defendants are the Attorney General of the Federation, Abubakar Malami (SAN), as well as the AGs of Bayelsa and Edo states.

    The plaintiffs, in a 12 grounds of application, argued that Buhari’s directive extending the validity of old N200 notes for 60 days and his ban on old N500 and N1,000 notes are an “unconstitutional overreach and usurpation of the judicial power” of the Supreme Court being that the case is already before the court.

    The counsel for the applicants cited Section 232(1), Section 6(6)(b) and Section 287(1) of the 1999 Constitution as amended, which includes the protection of the Supreme Court’s dignity and which ensure compliance with its orders by all persons and authorities.

    The Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after an initial suit filed by the 10 states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue on February 22.

    However, the President, in a national broadcast on Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

    However, there have been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).

    Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has not grounds because the case is before the apex court.

    Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.

  • Kano Govt Shuts Supermarket For Rejecting Old Naira Notes

    Kano Govt Shuts Supermarket For Rejecting Old Naira Notes

    The Kano State Consumer Protection Council has closed down the Wellcare Supermarket after the management refused to accept old naira notes from customers.

    Governor Abdullahi Ganduje ordered the closure of the store, as confirmed by the acting Chairman of the council, Baffa Danagundi; and the Senior Special Assistant to the Governor on Social Media, Abubakar Ibrahim.


    The governor, a supporter of a “professional implementation” of the naira redesign policy, had held discussions with the Central Bank of Nigeria (CBN); bank managers, security heads, and traditional leaders to find ways to alleviate the difficulties faced by the public.

    The CBN had extended the deadline for the swap of old N200, N500 and N1,000 from January 31 to February 10 but the Supreme Court held that the Federal Government, the CBN, commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue on February 15.

    At least five states including Kano had sued the Federal Government over the deadline for three old naira notes.

  • New Naira Notes: Kogi, Kaduna, Zamfara Govts Sue FG

    New Naira Notes: Kogi, Kaduna, Zamfara Govts Sue FG

    Concerned with the effects the Central Bank of Nigeria (CBN)’s naira redesign policy is having on the residents of their respective states, the governments of Kaduna, Kogi and Zamfara have dragged the Federal government before the Supreme Court.

    The governors are seeking a restraining order to stop the full implementation of the policy which takes effect on February 10.

    In a motion ex-parte filed on their behalf by their lawyer, AbdulHakeem Uthman Mustapha (SAN), the three northern states are urging the apex court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on February 10, 2023.

    The governors have been at loggerheads with the CBN over the short notice and the impact of the policy.

    The governors met the President last week and he promised to look at the issues within seven days.

  • CBN Orders Commercial Banks To Pay New Naira Notes Over The Counter

    CBN Orders Commercial Banks To Pay New Naira Notes Over The Counter

    The Central Bank of Nigeria (CBN) has directed commercial banks to begin the payment of the new naira notes to customers over the counter.

    This is according to a Thursday statement signed by the Bank’s Director, Corporate Communications Osita Nwanisobi. He said it is part of moves to ameliorate the plight of Nigerians who are finding it hard to get the new notes.

    “In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000,” the statement added.

    While admitting the difficulties Nigerians have faced in trying to get money Automated Teller Machines (ATMs), the apex bank reassured of its commitment to making the process seamless.

    It also vowed to prosecute racketeers of the new naira notes, saying it is working with relevant agencies to make that happen.

    “We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them. Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN,” it warned.

    “We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

    “For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that ‘spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.’

    “Similarly, Section 21(4) states that ‘It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.’”

  • JUST IN: CBN Extends Deadline For Old Naira Notes To Feb 10

    JUST IN: CBN Extends Deadline For Old Naira Notes To Feb 10

    The Central Bank of Nigeria has finally extended the deadline for the exchange of old naira notes by 10 days.

    In a press statement issued on Sunday, Godwin Emefiele, the CBN governor, said the new deadline is February 10, 2023.

    Details Later…

  • Bandits Abduct Four In Zamfara, Demand New Naira Notes As Ransom

    Bandits Abduct Four In Zamfara, Demand New Naira Notes As Ransom

    Bandits have abducted four people in the Kolo village of Gusau Local Government Area in Zamfara State and refused to collect old naira notes as ransom.

    Channels Television gathered that the bandits earlier demanded N10m as ransom but after the negotiation, they agreed to collect N5m.

    Sources from the area also said that as the villagers were trying to get the money through communal effort, the abductors sent a message on Tuesday that they would not release the kidnapped victims until the release of the new naira notes by the Central Bank of Nigeria (CBN).

    “As we were trying to gather the money demanded by the terrorists, they sent another message that they would not collect old naira notes,” the source said.

    “They said that they would keep the abducted persons in their camps until next month – December – when the new naira notes would be in circulation.”

    Police authorities in Zamfara State are yet to comment on these latest abductions as efforts to reach the spokesperson proved abortive.

  • CBN Governor Explains Features of New Naira Notes

    CBN Governor Explains Features of New Naira Notes

    The Central Bank of Nigeria Governor, Godwin Emefiele has explained the features of the redesigned notes.

    Emefiele told State House Correspondents that it was in line with global best practices, noting that it was mandatory for the naira to be redesigned and re-issued every five to eight years.

    According to him, it is regrettable that the naira has not been redesigned for the past 19 years owing to lack of political will from previous administrations.

    “In the past, I have to confess that attempts by the CBN to redesign and re-issue the naira notes have been resisted. It is only President Muhammadu Buhari that has exhibited the courage to do so,” he stated.

    Emefiele said it was the mandate of the CBN, to redesign and re-issue the notes, stressing that the exercise would become a regular trend after five to eight years.

    His words, “After today, the CBN will begin to redesign and reissue the naira for every five to eight years”

    The CBN governor said that Nigeria has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much withdrawn and also monitor the usage of the money.

    He debunked insinuations that the policy was targeted at anyone, especially the political class.

    He said that the CBN was determined in ensuring that the provision of the law on volume of money one should carry is followed.

    “The world has moved to cashless economy and the CBN has moved to cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal,” he said.

    Commenting on calls for extension of time for the usage of old notes, the CBN boss said, “we will not go with people that want extension of time. From today, this currency that was reissued will become a legal tender.”

    Emefiele also said there is no local government area in the country where there is no bank agent, insisting that there is over one million points across the country that people should go and deposit the old notes.

    The CBN boss also boasted that the new naira notes cannot be counterfeited because of the features in them.

  • Buhari To Unveil Redesigned Naira Notes On Wednesday, Says CBN Boss

    Buhari To Unveil Redesigned Naira Notes On Wednesday, Says CBN Boss

    The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Tuesday said President Muhammadu Buhari will unveil newly designed N1,000, N500 and N200 notes on Wednesday, November 23, 2022.

    Emefiele made this known during the apex bank’s Monetary Policy Committee monthly meeting in Abuja.

    According to him, the CBN won’t shift its deadline for all old notes to be returned to commercial banks in exchange for newly designed ones.

    The CBN MPC also hiked monetary policy to 16.5% from 15.5% while all other parameters remained unchanged.

    Emefiele had on October 26, 2022 said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

    However, he made a U-turn on Tuesday, saying the CBN won’t wait till December 15 anymore as the President will unveil the new notes on Wednesday.

    The bank chief said, “100 days is enough for any person from any part of Nigeria to deposit his money in the bank and get his money when the new notes are released.

    “For information, indeed, we are no longer waiting till December 15th to unveil and begin to release the new notes.

    “By the special grace of God, tomorrow, which is the 23rd of November 2022, the President has graciously accepted to unveil the new currencies and the new currencies will be unveiled tomorrow at the Federal Executive Chamber by 10am.”

  • BREAKING: Senate Approves CBN Plan to Redesign Naira Notes

    BREAKING: Senate Approves CBN Plan to Redesign Naira Notes

    The Senate has resolved to provide legislative support to the Central Bank of Nigeria (CBN) for the redesign of the N1,000, N500 and N200 naira notes.

    The upper chamber made this resolution after a heated debate on a motion moved by Senator Uba Sani on CBN’s policy to redesign the three naira notes.

    Majority of Senators across party lines support the redesign of the naira but some of them are concerned about the deadline set by the apex bank for the old notes to be deposited in commercial banks.

    Lawmakers also questioned the impact of the redesign of the naira note on the economy and if it will help reduce the inflation rate and the dwindling value of the naira.

    They want the CBN Governor, Godwin Emefiele to provide further clarification on these issues.

    They also worried about the effect of this policy on those in the rural areas and the unbanked.

    The Senate consequently mandated its Committee on Banking to embark on aggressive oversight to ensure that Nigerians are protected during this exercise.

    Emefiele on October 26, 2022 announced that the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.