On February 10, 2023, the Central Bank of Nigeria (CBN) announced that the previous N200, N500, and N1000 notes would no longer be accepted as legal tender. This development follows the Abuja Supreme Court’s decision to prevent CBN from implementing the old notes’ expiration date of February 10. On Monday, February 13, Haladu Idris Andaza, … Read more
In an effort to control inflation, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR), which measures interest rates, from 16.5% to 17.5 percent. This was revealed by CBN Governor Godwin Emefiele following the Monetary Policy Committee (MPC) meeting of the top bank on Tuesday in Abuja. The MPC maintained the asymmetric … Read more
Many commercial bank customers in Kaduna State, on Saturday, withdrew over N30,000 from Automated Teller Machines across the state. Although some banks limited withdrawals at the counter to N20,000, only a few customers were opportune to make a withdrawal. xandertech recalls that the Central Bank of Nigeria, CBN, had directed all commercial banks to open … Read more
On Tuesday, the Central Bank of Nigeria (CBN) made the announcement that it would revoke the licenses of Point of Sale (PoS) representatives who were found to have inflated the fees charged to customers who made withdrawals from POS machines in the state. The Daily Trust reports that for every N5,000 to N10,000 that a … Read more
The Independent National Electoral Commission (INEC) has less than a week until the general election in 2023, but the Central Bank of Nigeria (CBN) hasn’t given it the money it needs to run the election. Because of the controversial cashless policy of the apex bank, the electoral body had recently presented the CBN with its … Read more
The deadline for submitting old naira notes for deposit will not be extended, according to the Central Bank of Nigeria (CBN). On Tuesday, CBN Governor Godwin Emefiele apologized to Nigerians for not extending the deadline. According to him, Nigerians had 100 days from the time the notification was made until the expiration date to deposit … Read more
Until February 10, 2023, the Central Bank of Nigeria has extended the deadline for exchanging obsolete naira notes. This was revealed by the CBN in a statement on Sunday. The apex bank stated that it would extend the deadline by 10 days, from January 31, 2023, to February 10, 2023, “to enable the collecting of … Read more
The Central Bank of Nigeria, CBN, has come under fire from Jigawa State Governor Muhammad Badaru Abubakar for the ongoing dearth of newly printed Naira notes in commercial banks. The Governor responded to the difficulties people are experiencing when trying to deposit or withdraw money by making the announcement through the State Commissioner for Finance, … 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 National Democratic Front (NDF) has urged Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), to follow the recent order from the Supreme Court or face jail time. According to XANDERTECH, a seven-member panel led by Justice John Okoro issued an interim injunction on Wednesday to prevent the Federal government, the Central … Read more