NEW NAIRA NOTES Archives - Page 2 of 3

CBN Currency Policy: “Bear with FG; Naira redesign has economic, social benefits” – Obi urges Nigerians�

February 6, 2023February 6, 2023 Aminu Imam

The presidential candidate of the Labour Party (LP), Peter Obi, says the currency redesign policy of the Central Bank of Nigeria (CBN) comes with pain, but in the long run, it has significant economic and social benefits. Recall that in October 2022, the CBN governor, Godwin Emefiele, announced the plan to redesign the N200, N500, and N1,000 notes, and asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender. Although the deadline has been shifted to February 10, many Nigerians have…

CBN to meet banks, PoS operators, telcos over charges

February 5, 2023February 5, 2023 Aminu Imam

The Central Bank of Nigeria (CBN) says it will meet with the deposit money banks (DMBs) Mobile Money Operators (MMOs) and Telcos over excessive charges by Point of Sale (PoS) operators. The CBN Governor, Godwin Emefiele, stated this while briefing the media on the implementation of the redesigned naira on Friday, in Lagos. Following the scarcity of the redesigned naira notes, PoS operators are charging 10 percent of the amount a customer wants to withdraw. He said the cash limit of N20,000 may be increased as time goes on, and…

New Naira Notes: “We�re on our knees”, Emefiele begs Nigerians

February 5, 2023February 5, 2023 Aminu Imam

…Rules out 10-day extension 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.� The governor, who made the appeal on Friday during a press conference in Lagos, said the pain is temporary, stressing that cash will be available in no distant time. Emefiele appealed to Nigerians to endure the pains emanating from difficulties in getting the newly redesigned Naira notes from financial institutions. He said the leadership of the apex bank…

New Naira Notes: Pandemonium, riot in Ibadan over crisis

February 4, 2023February 4, 2023 Aminu Imam

Riots have reportedly broken out yesterday in Ibadan, the Oyo State capital, as angry youths blocked the major roads and burnt tyres over their inability to get the new naira notes. Hundreds of angry mobs were said to have taken to the streets in the morning, protesting the Central Bank of Nigeria�s (CBN) currency redesign policy which has impoverished Nigerians. As the automated Teller machines, (ATMs) not dispensing the new currency notes and deposit money banks not issuing out new notes to Nigerians, this has spread hunger and misery in…

President Buhari seeks 7 days to decide on currency redesign crisis

February 4, 2023February 4, 2023 Aminu Imam

President Muhammadu Buhari has disclosed that he would within seven days take a major decision regarding the ongoing crisis trailing the naira redesign and scarcity. The scarcity which has caused hardship to Nigerians has also led to protests across the nation. A statement issued today by his media aide, Garba Shehu, said the President�s request is sequel to a meeting he held with members of the Progressive Governors Forum, (PGF) at the State House, who came to the Presidential Villa to seek solutions to the cash crunch, which they said…

Just In! President Buhari seeks 7 days to decide on currency redesign crisis

February 3, 2023February 3, 2023 Aminu Imam

“Naira scarcity pain a temporary sacrifice for a saner economy” � FG

February 3, 2023February 3, 2023 Aminu Imam

The Federal Government has explained the persisting cash scarcity and its attendant pains by Nigerians as a result of the introduction of redesigned naira notes should be seen as a temporary sacrifice to achieve long-term economic sanity. Minister of Finance, Budget and National Planning, Zainab Ahmed, who stated this when she appeared as the 65th guest on the Ministerial Briefing, organised by the Presidential Communication Team at the State House in Abuja, also said President Muhammadu Buhari is not happy about the situation. Ahmed likened the current situation being experienced…

CBN Deadline Extension: Crowds besiege banks amid scarcity as traders reject old Naira notes

February 2, 2023February 2, 2023 Aminu Imam

Despite the ten days extension given by the Central Bank of Nigeria (CBN), on the exchange of old naira notes for the new designs of the currency, there were large crowds and long queues at cash points and banking halls in major cities across Nigeria earlier in the week. A visit by newsmen to banks and various Automated Teller Machines (ATM) points on Monday and Tuesday revealed that Nigerians continue to lament the scarcity of the new notes amid poor banking operations. While the scarcity of the new notes worsened…

‘Why Buhari approved old naira deadline extension’ � Emefiele

January 30, 2023January 30, 2023 Aminu Imam

President Muhammadu Buhari, yesterday, in Daura, Katsina State, approved the Central Bank of Nigeria (CBN)�s request to extend the deadline for swapping old naira notes with the redesigned notes from January 31, 2023, to February 10, 2023. Buhari also approved a seven-day grace period, which runs from February 10 to February 17, to allow Nigerians to deposit their old notes at the CBN after which the old notes cease to be legal tender. The CBN governor, Godwin Emefiele, disclosed these to State House correspondents shortly after he met the President…

“Naira redesign targeted at elites hoarding illicit funds, not common man”, Says Buhari.

January 29, 2023January 29, 2023 Aminu Imam

The Presidency has for the first time made an attempt to explain the idea behind the hurried redesign of some naira notes, saying it was mainly targeted at frustrating some elite Nigerians who hoard illicit cash. The President’s Senior Special Assistant on Media and Publicity, Garba Shehu, in an issued statement yesterday, said contrary to insinuations, it is not targeted at the common man in the streets. According to the presidency, the Government is not resting on its oars to see that citizens� businesses are safe. It regretted the disruption…