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old naira notes

Moghalu Cautions CBN’s Emefiele Against Criminalising Cash

March 23, 2023

The former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has warned the financial regulator not to criminalise cash transactions in Nigeria. Moghalu, in a post on his Twitter

CBN Asked To Disburse N250 billion To Cushion Subsidy Removal

Business News

NLC’s Threat Against CBN Branches Force Emefiele To Start Disbursing Old Naira Notes

March 23, 2023

Following a threat by the Nigerian Labour Congress (NLC) to shut down the branches of the Central Bank of Nigeria (CBN), the financial regulator has decided to disburse old Naira notes to

Naira Appreciates To N869/$1 As Experts Debate Stability

Business News·Currency

Dollar Rate Rises In Black Market, Drops In CBN’s Official Market

March 17, 2023

The Dollar rate in the Investors and Exporters window of the official market increased by N0.91 kobo, indicating the Naira depreciated in value by -0.19 per cent on Thursday, 16 March 2023.

Business News

Moghalu Carpets CBN, Reveals Problems With Emefiele’s Naira Policy

March 16, 2023

Former Deputy Governor, Central Bank of Nigeria (CBN), Kingsley Moghalu, has condemned the handling of the Naira redesign policy under Godwin Emefiele. Moghalu said months after the CBN set out to implement

Business News·Currency·News

Old Naira Notes: GTBank, Others Limit Cash Withdrawal To N10,000

March 15, 2023

The Central Bank of Nigeria (CBN) has fully complied with the Supreme Court ruling ordering it to restore old naira notes to circulation but Guaranty Trust Bank (GTBank) and other banks have

CBN Denies Discriminating Against People With Physical Disabilities Seeking Job

Business News

CBN Finally Addresses Supreme Court Order Publicly, Succumbs To Pressure On Old Naira

March 14, 2023

The Godwin Emefiele-led Central Bank of Nigeria (CBN) has succumbed to the Supreme Court order which states that old N500 and N1,000 remains legal for 10 months. In a statement released by

Governor of Nigerias Central Bank Godwin Emefiele

Business News

Emefiele Directs Bank CEOs To Start Accepting, Disbursing Old Naira Notes

March 13, 2023

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has directed the Chief Executive Officers of Deposit Money Banks (DMBs) to start accepting and paying out the old Naira notes.

Eight Controversial Decisions By Godwin Emefiele As CBN Governor

Business News

CBN Quietly Approves Old Naira Disbursement, Traders Reject Banknotes

March 7, 2023

The Central Bank of Nigeria (CBN) has approved the disbursement of old N500 and N1,000 notes, as Deposit Money Banks’ (DMBs’) Automated Teller Machines (ATMs) begin to dispense the bank notes. The

Naira Crisis: Banks Will Remain Open So Long It’s Safe To Do So – CIBN

Business News·Opinion

Old Naira Notes: Supreme Court Verdict Is No Victory For El-Rufai, Other Governors – Expert

March 3, 2023

The Supreme Court verdict on old Naira notes is neither a victory for the governors who instituted the case against the Federal Government and Central Bank of Nigeria, CBN, nor a loss

Tax Reform Bill: No Region Will Be Shortchanged, Shehu Sani Tells Northerners

Business News

Old Naira Notes: Shehu Sani, Other Nigerians React To Supreme Court Decision

February 22, 2023

Reactions have began to trail the decision of the Supreme Court to adjourn the final judgement on the deadline of the old Naira notes. Prime Business Africa reported on Wednesday, 22 February 2023,

Nigeria's Treasury Bills Surpass N6.6trn In 2023 Amid Economic Headwinds

Business News

Breaking: Supreme Court Sets March 3 For Final Judgement On CBN’s Naira Redesign Policy

February 22, 2023

The final Supreme Court judgement on the Naira redesign policy of the Central Bank of Nigeria (CBN) will be delivered on Friday, 3 March 2023. The Supreme Court, led by seven justices,

CBN Naira Redesign Policy Deteriorates Business Condition – Stanbic IBTC

Business News

Updated: We Refuse To Be Used As Scapegoat, Supreme Court Says On Old Naira Notes Case

February 22, 2023

The Supreme Court has stated that it doesn’t want to be used as a scapegoat due to the old Naira notes case brought before it by Kaduna, Kogi and Zamfara, and seven

Business News

CBN Begins Door-to-door Delivery Of New Naira Notes After Ganduje Threat

February 21, 2023

The distribution of the new Naira notes has taken a new turn as the Central Bank of Nigeria (CBN) delivers the cash door-to-door in Kano State. CBN representatives in Kibiya, Rano, and

Railway Revenue Drops By N1.31 billion Within Three Months

Business News

Naira Scarcity: Railway Managers Demand Cash, Reject Electronic Payment

February 21, 2023

The management of the Nigerian Railway Corporation (NRC) has stated that its operational policy is against digital transactions, as passengers face Naira scarcity. It was gathered that the railway corporation is turning

Business News

IMF Calls For Review Of CBN Act 2007, Demand Release Of Financial Statements

February 20, 2023

The Central Bank of Nigeria (CBN) Act 2007 needs to be reviewed to align with international best practices, the International Monetary Fund (IMF) observes. IMF stated in its latest Report – ‘Nigeria:

Business News

Bank CEOs Meet Over Old Naira Deadline

February 20, 2023

The Chief Executive Officers of Nigerian Deposit Money Banks (DMBs) met amid confusion over deposits of old N200, N500 and N1,000 notes. Prime Business Africa previously reported on Friday, 17 February 2023,

Atiku Highlights Why Nigeria’s 2025 Budget Is Unsustainable

Business News

Atiku Withdraws Support Over CBN’s Handling Of Old Naira Notes

February 20, 2023

The presidential candidate of the Peoples’ Democratic Party (PDP), Atiku Abubakar, has began to sing a different tone as regards the deadline the Central Bank of Nigeria (CBN) chose to phase out

CBN Places Service Restriction On PoS Agents Across Nigeria

Business News

CBN Denies Ordering Banks To Accept Old N500, N1000 Notes

February 17, 2023

The Central Bank of Nigeria (CBN) has denied ordering Deposit Money Banks (DMB) to accept deposits of old N500 and N1000 notes from the public. In a statement released on Friday, CBN’s

Business News·Currency

Nigerians Rush For Dollar, Push UP USD Rate Amid Naira Scarcity

February 17, 2023

The Naira lost some value against the United States Dollar (USD) in official and black markets, on Thursday, 16 February 2023. The FMDQ Exchange, which tracks official exchange rates, reports that the

GTCO, First Bank Fail To Make Top Five Performing Nigerian Bank Stocks In H1

Business News

Updated: Emefiele Orders Banks To Accept Old N500, N1,000, Set Condition For Depositors

February 17, 2023

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMB) to accept the old N500 and N1,000 notes but set a limit to customers’ deposits. CBN said the old N500

KPMG Makes Naira Projection After Foreign Capital Importation Drops To $1.06 billion

Business News·Currency

Fitch Says Naira Scarcity Will Affect Dollar Demand, Exchange Rate

February 17, 2023

Global credit ratings agency, Fitch Ratings, has warned that Nigeria’s exchange rate might appreciate due to scarcity of Naira notes. Fitch made this known in a report dated 14 February 2023 and

Business News

Naira Scarcity: 17 Bank Branches Attacked, Bank Workers Threaten Strike

February 17, 2023

Naira scarcity has resulted in attacks on 17 bank branches and N5 billion loss for the Deposit Money Banks (DMB), as the Central Bank of Nigeria (CBN) struggles to implement the Naira

Business News

Naira Redesign: Emefiele Issues New Directive To 15 Banks, Dismisses Supreme Court Order

February 17, 2023

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said he met with some banks on Thursday, 17 February 2023, to discuss how the N200 notes can be disbursed to

Buhari's 8years in Office: No Better Way To Squander Goodwill

Business News

Buhari Says Old N200 Notes To Remain Legal Till April, Rules Out N500, N1,000 Notes

February 16, 2023

President Muhammadu Buhari has announced that the old N200 notes will remain legal tenders till 10 April 2023, as he makes changes to the Central Bank of Nigeria’s (CBN) directive to banks.

Business News

CBN Reveals Three Steps To Deposit Old Naira Notes, Says Commercial Banks Will Not Accept It

February 14, 2023

The Central Bank of Nigeria (CBN) has stated that old Naira notes can only be deposited at the apex bank, disclosing that commercial banks will no longer accept them. In a statement

Business News

Court Stops CBN From Extending Old Naira Use Beyond February 10 Deadline

February 6, 2023

The Federal Capital Territory (FCT) High Court at Wuse Zone 2, Abuja, has ordered the Central Bank of Nigeria (CBN) to maintain the 10th February deadline for phasing out the old,₦1,000, ₦500

Business News·News·Top Stories

Banks Struggle With New Naira Notes On ATMs

January 9, 2023

Multiple sources within the banking industry have confirmed that the weeks leading to the January 31 termination of old naira notes will see banks cut down on maximum amount for single ATM

Nigeria’s Minimum Wage Now N19,355 – World Bank Says, Reveals Factors Hindering Growth

Business News·Currency

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