Cheque Transactions Down to N482.5bn in Two Months Low Naira Supply
The total value of cheque transactions fell to N482.5 billion in the first two months of 2023, a decrease of…
Category: Currency
Emefiele Eventually Gives in to Pressure and Declares Old Naira Notes to be Legal Currency.
Godwin Emefiele, the governor of the Central Bank of Nigeria, succumbed to pressure on Monday and formally ordered commercial banks…
Commuters Face Hard Times as Old Notes Rejection Continues
During the weekend, a number of bank clients, employees, and commuters were left stranded in different regions of the nation…
Banks Ration Cash As Gas Stations And Others Refuse Old Naira.
The latest initiative by several Deposit Money Banks to re-circulate old N500 and N1,000 notes suffered a setback when motorists,…
Supreme Court Order On Old Notes: Banks In Partial Compliance.
Deposit cash The Supreme Court’s ruling authorizing the use of old N1,000, N500, and N200 notes as legal money for…
The APC And Bank CEOs Work Quickly To Fix The Naira Crisis.
In a last-ditch effort to resolve the lingering cash crisis that has thrown the entire country into turmoil, governors elected…
President Buhari Grants a 60-day Extension to Turn in Outdated Currency.
President Muhammadu Buhari of Nigeria granted the go-ahead for the central bank to add another 60 days to the deadline…
Emefiele Explains Redesign As Naira Crisis Intensifies
The Central Bank of Nigeria failed to clarify the legal tender status of the old notes, which made the problem…
After The Supreme Court’s Decision, The FG And CBN Will Take Action.
The Presidency has stated that because the Supreme Court would hear the case ,neither the Federal Government nor the Central…
Rewane: Naira Crisis May Lead to $18 Million GDP Loss Monthly
According to estimates made by Mr. Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company Limited, Nigeria would experience a…
Governors Make a Move To Delay Supreme Court Reversal Of The Currency Swap Until After The Election.
Ondo, Kano, and Ekiti states have joined the lawsuit that Kaduna, Kogi, and Zamfara states originally filed, and Rivers state…
Tinubu To CBN: Permit Old And New Naira Notes To Exist Together Until 2024
Contrary to rumors, Bola Tinubu, the All Progressives Congress (APC) presidential candidate, declared that he supported the CBN’s decision to…
Due To Lack Of Naira, Sterling Bank Waives Transaction Costs.
All personal account transaction fees have been abolished, according to Sterling Bank, as a show of support for its clients…
CBN Proposed To Fine Banks Hoarding New Naira Note.
The Central Bank of Nigeria may fine banks hoarding new notes a sum of N5m and members of the public…
After The Deadline, Banks Would Still Accept Old Notes — Emefiele
Commercial banks in Nigeria will still accept old naira notes from customers after the February 10 deadline, the governor of…
Nigeria’s New Naira: Racketeering Thrives In Abuja And Other States
In Abuja, the nation’s capital, Lagos, Anambra and other states, black marketers were observed selling the new notes to those…
The CBN Has Agreed To Extend Exchanging Old Naira Notes By Ten Days.
CBN governor Godwin Emefiele in a statement said the new deadline is February 10, 2023. Emefiele made the announcement after…
CBN Promotes e-payments Ahead of Deadline for New Naira Notes.
As the Central Bank of Nigeria’s deadline for the old and new currency notes on January 31, 2023 approaches, the…
Nigeria: Customers Flood Banks in Kebbi, Demanding New Naira Notes.
Customers in Birnin Kebbi flocked to banks to deposit or withdraw money, while several voiced concerns about the new naira…
Banks Holding New Notes will be Sanctioned, Says the CBN.
Any commercial bank hoarding the new naira notes from the general public will face sanctions from the Central Bank of…
Dollar Maintains Stability Prior to Key December Inflation Data.
A widely anticipated release of U.S. Consumer inflation data caused the U.S. Dollar to stabilize in early European trade, but…
The LCCI Foresees a Recession and Hyperinflation in 2023.
According to the Lagos Chamber of Commerce and Industry, weakening consumer demand, spiraling inflation, high energy prices, and tightening monetary…
Latest Updates on the Worlds Largest Crytocurrency- Bitcoin.
Despite a 5% increase to $871 billion since January 1 and a decline of more than 57% from this time…
Ghana’s Currency Depreciates Further Against the US Dollar.
Despite performing admirably over the past month, the Ghana cedi is now starting to lag behind the US dollar. According…
The closure of Naira Cards alarms Traveling Bank Customers.
Nigerians won’t be able to use their Naira debit cards for international transactions as the continent’s largest economy and top…
Old Naira Notes: The Senate Requests That The Deadline be Moved to June 30.
Following the redesign of the N200, N500, and N1,000 banknotes, the Senate unanimously urged the Central Bank of Nigeria (CBN)…
UN: Nigerians are being Impacted by Falling Naira and Rising Food Prices.
According to a report by the United Nations Conference on Trade and Development, a combination of high food costs and…
Yen is in Demand as Dollar Declines and Risk Sentiment Increases.
Due to the risk-on environment, the U.S. Dollar declined, but the Japanese yen was still in demand following the Bank…
The Central Bank of Nigeria Raises Withdrawal Thresholds to Combat Cash Flow.
In an effort to reduce the use of cash, Nigeria’s central bank significantly raised the weekly withdrawal caps it had…
Kenya: Consumers Suffer as Shilling Hits a New historic Low.
Following the shilling’s historic low against the dollar, which created the conditions for higher import costs and inflation, Kenyans are…