Tag: Naira redesign

“Buhari, Emefiele deserve commendation for introducing POS cash-swap initiatives” – ACJHR

Aminu Imam

A Civil Society Organisation (CSO), African Center for Justice and Human Rights, (ACJHR) has described the Central Bank of Nigeria, CBN Governor, Godwin Emefiele as a man who has shown his heart is with the upliftment of the poor, with the Point-of-Sales (POS) cash-swap initiative. Recall the CBN launched the Cash-Swap Programme, January 23, 2023, as a means to reach out to the grassroots residents that have limited access to financial products, to enable them to bring in their old notes before the January 31 deadline date. The CBN’s decision…

Read More

Redesigned Naira Notes: ‘No going back on Jan. 31st deadline to phase-out old notes – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) on Tuesday said there is no going back on the January 31st deadline on the phase-out of old 200, 500 and 1,000 naira notes. CBN Governor, Godwin Emefiele, who spoke at the apex bank’s Monetary Policy Committee (MPC), meeting in Abuja, stated that Nigerians were given enough time to replace their old notes with new ones. Recall that the CBN had on October 26, 2022, announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000…

Read More

Naira Redesign: ‘Nigerians have returned over N500bn old notes after new policy announcement’ – Emefiele

Aminu Imam

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, yesterday, in Daura, Katsina State, disclosed that over N500 billion have been returned to banks’ vaults by Nigerians following the redesignation of the three denominations of the currency. Emefiele told newsmen, after a meeting with President Muhammadu Buhari in Daura, Katsina State, that the policy on cash withdrawal limit is not intended to hurt anybody but to strengthen the nation’s economy. Speaking on the amount of the old notes the apex bank has been able to mop up from circulation, Emefiele said: “We have…

Read More

Arewa, Middle-Belt youth leaders back CBN cashless policy, says “it is timely”

Aminu Imam

The Arewa Youth Consultative Movement and the Middle-Belt Youth Forum have said that the best time to implement the cashless policy introduced by the Central Bank of Nigeria (CBN) is now. Addressing a press conference in Abuja yesterday, the Chief Convener of the groups, Godwin Meliga, raised alarm over the plot by some stakeholders to rubbish the policy. The groups urged all lawmakers of Northern extraction in both chambers of the National Assembly not to lend any support at all to any unpatriotic elements who approach the National Assembly to…

Read More

New naira notes fortified, difficult to counterfeit, says Buhari

Aminu Imam

President Muhammadu Buhari yesterday launched the newly redesigned Naira banknotes, assuring that their features make them difficult to counterfeit. Speaking at the launch of the new banknotes, a ceremony that preceded the Federal Executive Council (FEC) meeting in the State House, Abuja, the President expressed his delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPMC) Plc. According to an issued statement, signed by Buhari’s Special Adviser on Media and Publicity, Femi Adesina, titled: “Why I approved the redesign of Naira notes, by President…

Read More

Naira redesign: Buhari to unveil currency notes at FEC meeting today – CBN Governor, Emefiele 

Aminu Imam

President Muhammadu Buhari will today, Wednesday, shortly before the Federal Executive Council (FEC) meeting, unveil the re-designed new naira notes, according to the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Recall that the CBN had, on October 26, announced that it will issue the redesigned N200, N500, and N1, 000 notes, effective December 15, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023. However, in a new twist yesterday, Emefiele told newsmen that the new notes will now be unveiled for…

Read More

New Naira Notes: Senate pledges support as lawmakers disagree on deadline

Aminu Imam

The Senate yesterday, via a consensus, has agreed to provide legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the naira. Recall that in October, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, announced the plan to redesign the 200, 500 and 1,000 notes which will go into circulation in December. The resolution of the Red Chamber was affirmed following a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani. They also resolved to…

Read More

“Naira redesign will check financial bullying by politicians in 2023” – Buhari

Aminu Imam

As debates on the proposed redesign of the Naira rages, President Muhammadu Buhari has declared that his administration aims to check financial intimidations by unnamed politicians, who he said had stockpiled the money ahead of the 2023 general election. The President, who spoke in London, United Kingdom, where he was receiving medical attention, vowed not to reverse the planned redesign of N1, 000, N500 and N200 notes by the Central Bank of Nigeria, (CBN). This is as the President applauded the policy announced by the CBN Governor, Godwin Emefiele, on…

Read More

Currency Redesign: ISWAP terrorists ban Naira transaction in Lake Chad, opt for CFAs

Aminu Imam

The terrorist group, Islamic State of the West African Province, (ISWAP), has banned farmers and fishermen in Lake Chad from using the naira for transactions. This is a result of the decision of the Central Bank of Nigeria (CBN) to redesign some new naira notes. Recall that last month, the Nigerian apex bank said it redesigned N200, N500, and N1000 new naira notes. The new design and issues will be effective from mid-December 2022. It directed Nigerians to take their old notes to commercial banks to enable them to withdraw…

Read More

“Put Obasanjo’s image on redesigned Naira note” – Atiku

Aminu Imam

…Says it’ll inspire future generations The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has stated that the image of his former boss and ex-president, Olusegun Obasanjo ought to be on the proposed redesigned Naira currency notes, to inspire the country’s future generation. Atiku stated this yesterday, while celebrating the effort of the former president on bringing an end to the Ethiopia-Tigray conflict. In a string of tweets yesterday, he also saluted the 85-year-old elder statesman and African Union’s mediator for leading peace talks between the Ethiopian Government…

Read More