Tag: Naira

CBN makes U-turn, directs banks to collect old N500, N1, 000 notes

Aminu Imam

Confusion as customers reject banks old Naira notes The Central Bank of Nigeria, (CBN), has ordered banks to start collecting the old N500 and N1, 000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500, 000. A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank. A CBN official said, Go to your bank but fill out the…

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Naira swap; VC tasks CBN on more currency in circulation to ease public outcry

Abdul-Azeez Ahmed Kadir

The Vice-Chanellor, Bells University of Technology, Ota, Ogun State, Professor Jetemiah Ojediran, has appealed to Central Bank of Nigeria (CBN) to release more funds into circulation, to reduce the sufferings of Nigerians. Ojediran made the appeal while speaking on Thursday in Ota, Ogun. The Supreme Court, on Wednesday, granted an interim injunction restraining the apex bank from enforcing the February10 deadline on Naira swap. He commended the decision of the court for restraining the CBN from enforcing the deadline on Naira swap. The vice-chancellor noted that the apex bank needed…

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NLC orders ‘sit-at-home’ over fuel, naira scarcity

Aminu Imam

…Says, “We can’t keep suffering because of this misrule”  The Nigeria Labour Congress (NLC), Rivers State Chapter, has ordered all civil servants in the State to sit at home if the scarcity of fuel and naira persists as of yesterday. Reports said the NLC chairperson in the State, Beatrice Itubo, gave the directive while briefing newsmen, saying, We have declared a sit-at-home for all workers from Monday till further notice if the fuel crisis and crazy transportation fare hike continues”. Mrs. Itubo, who is the governorship candidate of the Labour…

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“Opponents of Naira swap plan to cause mayhem” – Political Parties Chairmen raise alarm

Aminu Imam

No fewer than 14 out of the 18 registered political parties have raised the alarm that opponents of the Naira swap policy will allegedly unleash mayhem in the country from Thursday this week in order to compel the postponement of the 2023 elections. The political parties also threatened to withdraw all participation from the 2023 general election if the Federal Government and the Central Bank of Nigeria (CBN) succumb to pressure and cancel or suspend the cash withdrawal limit and Naira redesign policies. This position was made known yesterday, at…

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ISWAP distributes old Naira notes free to commuters on Borno highway

Aminu Imam

Some suspected members of the Islamic State of West Africa Province (ISWAP) have distributed huge amounts of old Naira notes to scores of commuters in the Lake Chad Basin, ahead of the deadline of the Central Bank of Nigerias (CBN) for the Naira currency swap. According to a resident, Bakura Ibrahim, the insurgents positioned themselves under a tree and stood by the roadside with bags of old naira notes. He said; We left Monguno at about 12 noon; as we approached Mairari, there were no existing checkpoints in the area,…

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CBN Cash Withdrawals, ATMs Limits: ‘Policy is a heavy blow on looters of Govt Funds, kidnappers, fraudsters, others Experts

Aminu Imam
Nigerian New Naira Notes

Economic experts have said that the Central of Nigeria, (CBN)’s revised policy on cash withdrawals is a heavy blow to looters of government funds, kidnappers and fraudsters. Recall that the CBNs revised guidelines on the practical implementation of the Naira redesign policy stated that starting from 9th January 2022, Automated Teller Machines (ATM) and Point of Sales (POS) withdrawals would be limited to N20,000 Per Day. The notification also disclosed that ATMs will only dispense N200 and downward denominations, and that defaulters of the maximum deposit limit will have to…

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CBN limits maximum ATM, PoS cash withdrawals to N20, 000 per day, N100, 000 weekly for individuals

Aminu Imam

…N500, 000 for companies The Central Bank of Nigeria has imposed fresh cash withdrawal limits via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminalsfor individuals and organisations. According to a new memo to banks issued yesterday and signed by the CBN’s Director of Banking Supervision, Haruna Mustafa, individuals will only be able to withdraw N100,000 per week from over-the-counter, (OTC), PoS machines or the ATMs, while organisations can access N500,000 per week. Banks have also been directed to load only N200 and lower denominations into their ATM vending…

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Naira Redesign: “Nigerians will fill uncountable forms to withdraw large amounts” Emefiele

Aminu Imam

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said the apex bank will henceforth take cashless policy seriously, noting that people will fill countless forms and provide their data before they can withdraw large amounts. Emefiele also said the redesign of the N200, N500 and N1, 000 notes was not targeted at any individual or group of people in the country. He stated these on Wednesday while fielding questions from State House reporters after the launch of the redesigned naira notes by President Muhammadu Buhari at the Council…

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‘Biggest devaluation for Naira likely after Feb. 2023 Elections’, Bloomberg predicts

Aminu Imam

Nigeria is expected to devalue its currency after elections in February by the steepest margin in six years to align it with market perceptions, according to a survey of investors and analysts. Nigeria, Africas largest economy, operates a multiple exchange regime dominated by a tightly controlled official rate, cutting off access to many businesses and individuals, which in turn drives demand to the unauthorised black market. This has led the spread between the managed and parallel markets to significantly widen. The difference is almost 77%. Of the 13 participants in…

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Naira slumps to N885 per US$ despite EFCCs raids on BDC hubs

Aminu Imam

Nigeria’s local currency, the Naira, has dropped to a new low of N885 per dollar at the parallel section of the foreign exchange (FX) market, otherwise known as the black market. The figure represents a depreciation of N70, or 8.6%, from the N815 it traded last week. Speaking yesterday, some Bureau-De-Change (BDC) operators said the US dollar demand has been swelling and putting pressure on the naira. They put the buying price of the dollar at N860 and the selling price at N885, leaving a N25 profit margin. A currency…

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