Nigeria’s central bank raised its benchmark lending rate by 50 basis points to 18% (NGCBIR=ECI) on Tuesday as monetary authorities continued to tighten policy to rein in inflation which has squeezed consumer purchasing power. The high cost of living was among major concerns for voters during last month’s disputed presidential election that was won by … Continue reading Experts advise Tinubu to devalue the naira as CBN hikes lending rates
Tag: Naira
FG delays currency replacement plan after court order
Nigeria’s central bank delayed a plan to remove high-value currency notes following an order by the nation’s Supreme Court, after severe disruptions in Africa’s biggest economy. The Central Bank of Nigeria began replacing old 200-, 500- and 1,000-naira notes with new ones in mid-December in a bid to mop up excess cash, rein in inflation and curb … Continue reading FG delays currency replacement plan after court order
Naira Scarcity: CBN approved use of old notes
The Governor of Anambra State, Prof Charles Soludo confirmed on Monday that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits. Soludo, a former CBN governor, made this known in a statement he posted on his social media handles. He explained that the Governor of CBN, … Continue reading Naira Scarcity: CBN approved use of old notes
CBN silence on naira scarcity keeps banks, business owners in confusion
Days after the Supreme Court nullified the Central Bank of Nigeria’s Naira redesign policy, the apex bank has remained silent. However, investigations by MEZIESBLOG show that some commercial banks have started paying their customers old N500 and N1000 naira notes. MEZIESBLOG went around major banks in the Nation’s capital and learnt that Guarantee Trust Bank Along … Continue reading CBN silence on naira scarcity keeps banks, business owners in confusion
Top news in Nigeria today 18/02/2023
Good morning! Here is today’s summary from Nigerian newspapers: 1. The Presidency on Friday, said there are no plans by President Muhammadu Buhari to extend his tenure beyond May 29, 2023, or install an interim government. A statement signed by Buhari’s spokesperson, Garba Shehu, noted this on Friday. 2. A former Minister of Finance, Dr Idika … Continue reading Top news in Nigeria today 18/02/2023
Emefiele: I have ordered banks to distribute old N200 notes
The governor of the Central Bank of Nigeria, Godwin Emefiele has said that he had met the commercial banks and given them directives on how to make the old N200 naira notes available to Nigerians. Emefiele said this in a video clip recently posted on the CBN official Twitter handle while addressing journalists after his … Continue reading Emefiele: I have ordered banks to distribute old N200 notes
Sanwo-Olu: It is illegal to reject old naira notes in Lagos
SANWO-OLU WARNS AGAINST REJECTION OF OLD NOTES The Lagos State Government wishes to put on record the patience and calmness of Lagosians following the controversy generated by the Naira shortage crisis. The State Government has joined the dispute at the Supreme Court, which today adjourned the hearing of the matter till February 22. When the … Continue reading Sanwo-Olu: It is illegal to reject old naira notes in Lagos
Latest CBN directives on where and how to deposit old naira notes
The headquarters of the Nigerian central bank stands in Abuja, Nigeria, on Wednesday, Oct. 21, 2015. The Central Bank of Nigeira, CBN has opened a portal for Nigerians to deposit the old Naira notes by filling up forms. This development comes after the adjournment of the case on the legality of the February 10, 2023 … Continue reading Latest CBN directives on where and how to deposit old naira notes
NAIRA SCARCITY: Financial expert offers solution to currency crunch in Nigeria
The headquarters of the Nigerian central bank stands in Abuja, Nigeria, on Wednesday, Oct. 21, 2015. Nigerians have continued to experience scarcity of the naira notes since the January 31 deadline issued by the Central Bank of Nigeria, CBN, on the swap of the currency. The CBN had earlier set a January 31 deadline for … Continue reading NAIRA SCARCITY: Financial expert offers solution to currency crunch in Nigeria
How Nigerians can protect survive inflation and scarce naira challenges
The saying “Cash is King” seems to be losing its validity in Nigeria. In the wake of the recent policy implementations, entrepreneurs need to make changes to accommodate these policies and cushion the effect on their customers and businesses. As of January 31st, 2023, the old currency notes of the N200, N500, and N1000 notes … Continue reading How Nigerians can protect survive inflation and scarce naira challenges
Emefiele begs Nigerians on naira redesign, rules out extension of 10-day ‘grace period’
The Central Bank of Nigeria, CBN Governor, Godwin Emefiele has ruled out the possibility of extending the 10-day grace for the old Naira notes to remain in circulation. He appealed to Nigerians to endure the pains emanating from difficulties in getting the newly redesigned Naira notes from financial institutions. The governor who made the appeal … Continue reading Emefiele begs Nigerians on naira redesign, rules out extension of 10-day ‘grace period’
CBN directs banks to pay redesigned naira notes over-the-counter
Director Corporate Communication, CBN, Osita Nwanisobi disclosed this in a statement adding that the apex bank will collaborate with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to prosecute abuses and sellers of the naira. The headquarters of the Nigerian central … Continue reading CBN directs banks to pay redesigned naira notes over-the-counter
Why APC governors are angry with CBN, Buhari
Governors elected on the platform of the ruling All Progressives Congress (APC) have rejected the February 10 deadline set by the Central Bank of Nigeria (CBN) to end the legal tender status of the old N1000, N500 and N200 notes Credible sources close to the governors said they were worried Nigerians have been finding it … Continue reading Why APC governors are angry with CBN, Buhari
Atiku warns CBN against decision to extend deadline for naira swap
The Peoples Democratic Party presidential candidate, Atiku Abubakar, on Wednesday, asked the Central Bank of Nigeria not to grant a further extension after February 10 deadline for naira swap. This, he said, had become imperative to ensure the purpose and objective of initiating the redesigning of the currency are not destroyed. In a statement released … Continue reading Atiku warns CBN against decision to extend deadline for naira swap
CBN Governor: Buhari to unveil new naira notes tomorrow
The headquarters of the Nigerian central bank stands in Abuja, Nigeria, on Wednesday, Oct. 21, 2015. Godwin Emefiele, the Governor of the Central Bank has confirmed that President Muhammadu Buhari will unveil the designed Naira notes tomorrow Wednesday, November 23, 2022. Emefiele announced this during the Central Bank’s Monetary Policy Committee monthly meeting in Abuja. … Continue reading CBN Governor: Buhari to unveil new naira notes tomorrow
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