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10/02/2023

Naira Redesign: Confusion as swap deadline expires today

The Sun News

Feb 10, 2023 4:09 AM



•CBN bound to obey S’Court order –Falana •Many bank branches remain shut as queues at ATMs, PoS charges rise

By Chinwendu Obienyi

Despite the Supreme Court, Nigerians continued their countdown on the Central Bank of Nigeria (CBN) February 10 deadline for the expiration of the old naira notes as legal tender. in the country.

The CBN had announced that its Naira redesign policy in October 2022, was aimed at addressing vote buying and insecurity.

But since the announcement that the new notes would start circulating from December 15, 2022, Nigerians and businesses have been struggling to exchange the old notes for new ones.

The development has since triggered a cash crisis across the country with many banks failing to dispense the new notes across the counter and at their ATM points.

However, days after the governments of Kaduna, Zamfara and Kogi state dragged the CBN to court over the naira redesign policy, the Supreme Court on Wednesday, February 8, 2023, suspended the move by the CBN to end the use of the new notes as legal tender by February 10, 2023.

Meanwhile 24 hours after the S’ Court judgement, a look at the apex bank’s website showed that it is still running its countdown clock to the deadline.

“Current series of N200, N500 and N1000 notes remain legal until the deadline 10th February 2023,” a notice on the website read.

In the notice, the bank also advised Nigerians to deposit their old notes at designated financial touchpoints. Meanwhile, following the Supreme Court judgement on Wednesday, President Muhammadu Buhari and the Governor of the Central Bank, Godwin Emefiele met at the State House, Abuja.

But the details of the meeting are yet to be revealed. Reacting to the development, the interim Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB), and Senior Advocate of Nigeria (SAN) Femi Falana, in his latest communique revealed why

08/02/2023

Finally we've found new members in ZAZZAU AJEBOUR HUSTLERS,If you are read to join,send feedback

07/02/2023

February 7, 2023

NEWS

Also in attendance at the meeting was the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa; as well as the Chief of Defence Staff, Gen Lucky Irabor, Channels Television reports.

President Muhammadu Buhari on Tuesday met privately with the Chairman of the Nigeria Governors’ Forum, Aminu Tambuwal; and the Chairman of the Progressives Governors’ Forum, Atiku Bagudu over the scarcity of the three naira notes.

Also in attendance at the meeting was the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa; as well as the Chief of Defence Staff, Gen Lucky Irabor, Channels Television reports.



04/02/2023

Naira: How Can You Punish Over 200 million Nigerians Because Of Tinubu? – Idimogu Knocks Emefiele

Withinnigeria

Feb 4, 2023

Hon. Jude Idimogu, a member of the Lagos House of Assembly representing Oshodi Isolo Constituency 2, has claimed that the Central Bank of Nigeria (CBN) Governor Godwin Emefiele’s naira note swap policy was aimed at the All Progressives Congress (APC) presidential candidate, Asiwaju Bola Tinubu.

Idimogi insisted that introducing a redesigned naira into the economy was the wrong time.

02/02/2023

Atiku Abubakar

A few weeks before the 2023 general election, there are speculations that two Peoples Democratic Party (PDP) governors, apart from the G5 group, are threatening to withdraw their support for the party's presidential candidate, Atiku Abubakar.

The national chairman of the New Nigeria Peoples Party (NNPP), Professor Rufai Ahmed Alkali, made the claim while addressing newsmen in Abuja on Tuesday, January 31.

He was reacting to Atiku's claim that he was in talks with the NNPP presidential candidate.

“Five governors are not with Atiku. These governors are coming from powerful states. The two others have been sending messages that they will not support Atiku.

“We thought that anyone contesting an election should put his house together. We left the PDP because we knew it would implode. It is not the same party as yesterday. In the next one week, some will leave the PDP," Alkali said.





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01/02/2023

Kano people are happy,and they said the reason why they are happy because they stone DEVIL.

31/01/2023



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Daily Post Nigeria

NEWS

Banks will still accept old notes after deadline – Emefiele tells Reps

Published



on

January 31, 2023

By

Abdul Seye



Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline, this is according to the Central Bank Governor, Godwin Emefiele.

Emefiele stated this on Tuesday while appearing before the House of Representatives ad hoc committee.

It would be recalled that the lawmakers had accused Emefiele of breaching section 20 of the CBN act.

According to the Speaker of the House, Femi Gbajabiamila, the CBN Act mandates commercial banks to accept old notes.

“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” Mr Gbajabiamila had said in a speech on Thursday.

While speaking at the hearing, Emefiele said he is in agreement with the parliament on section 20.

“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he said.

He explained further that “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians,” he stated.

RELATED TOPICS:BREAKINGEMEFIELE

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