Tag: New Naira Notes

<strong>No Going Back On Feb 10 Deadline For Old Naira Notes – CBN</strong>

4Feb

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

No Going Back On Feb 10 Deadline For Old Naira Notes – CBN

The Central Bank of Nigeria, CBN, has insisted that the deadline for the use of old naira notes will not be extended. The CBN governor, Godwin Emefiele, while speaking during a briefing on Friday at the apex bank’s Lagos office, said the CBN, and deposit money banks, DMBs, were making effort to resolve the current challenges with the circulation of the new currency notes. The apex bank recently extended the deadline for the use of the old naira notes from January 31 to February 10. However, while hoping for another extension, many Nigerians have continued to critise the currency redesign policy on grounds that it is subjecting many Nigerians to hardship due to the scarcity of the new notes. Reacting to the development, Emefiele said after the 10-day extension, the bank doe...

<strong>Presidential Candidates Own Banks, Naira Notes Scarcity Don’t Affect Them – Kwankwaso</strong>

2Feb

By Mary UgwuanyiNo Comments

Elections, Finance, News, Rwanda

Presidential Candidates Own Banks, Naira Notes Scarcity Don’t Affect Them – Kwankwaso

The presidential candidate of the New Nigeria Peoples Party, NNPP, Rabiu Kwankwaso, has said that his counterparts are not affected by the naira redesign policy because “they are owners of banks”. Recall that the Central Bank of Nigeria, CBN, Godwin Emefiele had in October 2022, announced the plan to redesign N200, N500, and N1,000 notes and fixed January 31, 2023, as the deadline when the old notes will cease to be legal tender. Despite the apex bank recently announcing the postponement of the deadline to February 10, several Nigerians have found it hard obtaining the new naira notes. President Muhammadu Buhari has backed the policy and described it as having the potential to deter politicians from “mobilising resources to intimidate voters in the 2023 general election”. ...

<strong>DSS Nabs Sellers of New Naira Notes</strong>

30Jan

By Mary UgwuanyiNo Comments

Crime, Economy, Finance, News, Nigeria

DSS Nabs Sellers of New Naira Notes

The Department of State Services, DSS, has nabbed some members of coordinated syndicates that sell the newly redesigned naira notes. The DSS public relations officer, Peter Afunanya, in a statement on Monday said that the syndicates connived with some commercial bank officials and were arrested during operations across the country. The statement read, “The Department of State Services (DSS) hereby informs the public that it has intercepted some members of organised syndicates involved in the sale of the newly redesigned naira notes. “In the course of its operations, in this regard in parts of the country, it was also established that some Commercial Bank officials are aiding the economic malfeasance. See Also: INEC Announces Extension Of PVC Collection Deadline “Consequ...

<strong>Naira Redesign To Affect SMEs, Poor Households – W’Bank</strong>

20Dec

By Mary UgwuanyiNo Comments

Economy, Finance, News, Nigeria

Naira Redesign To Affect SMEs, Poor Households – W’Bank

The World Bank has cautioned that the newly redesigned naira notes may have a negative impact on economic activity in the country, especially on poor Nigerians and small-scale businesses. The global bank disclosed this in a new report titled, “Nigeria Development Update.” It followed the mixed emotions that have heralded the newly redesigned notes which went into circulation last week. The Washington-based bank warned that the timing and short transition period for the new notes may not help Nigeria achieve the desired result. Recall that the Central Bank of Nigeria, CBN, last month unveiled new M200, N500, and N1000 notes as part of a policy to mop up excess cash in circulation, ransom payment for kidnapping, terrorism financing, counterfeiting, among others. The apex ...