Financial institutions that are stockpiling the new naira notes will face harsher punishments, according to the Central Bank of Nigeria (CBN). In response to the claim that not enough notes were released, the apex bank threatened action on Wednesday. At a press conference in Jos, the Plateau state’s capital, Musa Jimoh, director of the Payment … Read more
The Central Bank of Nigeria’s recently introduced cash swap scheme has been discontinued for mobile money/Point of Sale agents in Abuja and Lagos. In a document titled “Frequently Asked Questions,” CBN provided certain parameters for the cash swap scheme. This occurs before the CBN’s deadline of January 31 for the phase-out of the old N1,000, … Read more
The Central Bank of Nigeria (CBN) has been ordered to pay Media Rights Agenda (MRA) one million naira in damages for wrongfully denying them access to information by a Federal High Court in Abuja. The court also ordered the apex bank to provide to the organization all the material it requested in its May 22, … Read more
Monday, Nigerian banks denied claims that they were making it harder for people to get the new naira bills. The Association of Corporate Affairs Managers of Banks (ACAMB) understood how hard it was for people to deal with the new notes and looked over the cashless policy. In a statement given to XANDERTECH, President Rasheed … Read more
On Sunday, the President of the Catholic Bishops Conference of Nigeria (CBCN), Most Rev. Lucius Ugorji, urged the Federal Government to reconsider the new cash policy in order to alleviate the difficulties it has created for Nigerians. At the opening of the 2023 First Plenary of the CBCN, which was held at the Catholic Secretariat … Read more
The Supreme Court’s decision to temporarily halt the Federal Government’s plan to prohibit the use of the old naira notes beginning on February 10, 2023, has prompted responses from a variety of Nigerians. The Daily Post reported on Wednesday that an exparte application brought by three northern states, Kaduna, Kogi, and Zamfara, had been stopped … Read more
Godwin Emefiele, the Governor of the Central Bank of Nigeria, has said that the newly inaugurated Dangote Petroleum Refinery and Petrochemicals will help Nigeria generate more power for its electricity sector. Speaking at the inauguration in Lagos State on Monday, Emefiele said the Dangote Refinery is expected to generate 12,000 megawatts of electricity. He further … Read more
Mr. Godwin Emefiele was removed from his position as Governor of the Central Bank of Nigeria (CBN) with immediate effect on Friday, according to a statement released by President Bola Tinubu. Tinubu also gave Emefiele the instruction to immediately turn over the operations of his office to the Deputy Governor of the Operations Directorate, who … Read more
The Central Bank of Nigeria has stated that banks transfer funds in accounts that have been dormant for at least 10 years into a trust fund account. The disclosure was contained in a recently released exposure draft of guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other … Read more
Reno Omokri, a sociopolitical activist, has urged President Bola Tinubu against incarcerating the arrested former Governor of the Central Bank of Nigeria, Godwin Emefiele, without allowing him to present a defense. Godwin Emefiele was arrested. Omokri suggested that Tinubu should give Emefiele the opportunity to respond to any allegations that have been made against him. … Read more