Tag: CBN

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News

CBN Directs Banks To Dispense And Receive Old N200, N500 And N1000 Notes

Following the Naira scarcity in the country and the Supreme court order, declaring the old N500 and N1000 as legal tender till Dec 31, 2023, the Central Bank of Nigeria has now directed commercial banks to dispense and receive old naira notes.

A statement by the acting Director, CBN Corporate Communications, Isa AbdulMumin, says the apex bank gave the directive at a Bankers’ Committee meeting held on Sunday.

Banks have now been authorised to dispense and receive the old Naira notes.

Read The Statement Below;

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News

BREAKING: CBN Authorizes Use Of Old Naira Notes

Anambra State Governor, Charles Soludo confirmed on Monday that the Central Bank of Nigeria has directed commercial banks to dispense and accept old naira notes as deposits.

Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.

He explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.

He added that Emefiele personally confirmed the directive to him.

According to him, residents should report banks refusing to accept the old notes.

“Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same deposits from customers. Tellers at commercial banks are to generate the codes for deposits, and there is no limit to the number of times an individual or company can make deposits.

“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night. Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200, N500; and N1,000) and the new notes”, the statement contained.

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News

CBN Silence On Supreme Court Judgement Worrisome – Abia NUJ

The Abia State Council of Nigeria Union of Journalists, NUJ, has slammed the Central Bank of Nigeria, CBN.

The NUJ expressed dismay over the failure of the CBN to issue a categorical statement on the use or otherwise of old naira notes.

The NUJ made its position known through a communique it issued at the end of its monthly congress held at NUJ press centre, Umuahia.

The communique, which was signed by the Chairman of NUJ in Abia, Comrade Victor Ndukwe, the Secretary of the Council, Comrade Adaeze Ralph Igbokwe and other communique drafting committee members, noted that the refusal by the CBN to take a position after the Supreme Court ruling, was affecting the lives of Abia residents.

It added that the ugly situation was increasing the hardship being experienced by bank customers and also affecting the general well-being of Abians.

The council urged the CBN to, without further delay, issue an official and categorical statement on the co-existence of old N1000 and N500 with the newly introduced denominations of N1000 and N500, as doing so would save Abians from further suffering.

The communique went further:

“Congress urges Abia State Government to adhere strictly to the terms of agreement it reached lately with the organized Labour with regard to defraying the arrears of salaries and pensions owed civil servants and pensioners in order to improve their welfare.

“Congress also calls on the state and the federal governments to pragmatically address the lingering scarcity and hike in price of petroleum products which inflicted further economic hardship on Nigerians as they are responsible for the galloping inflation in the country.”

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Uncategorized

Old 500 and 1000 Naira notes are now legal tender – CBN

The acting Director of Corporate Communications, Dr. Isa Abdulmumin of CBN disclosed that both old and new Naira notes are now legal tender.

It will be recalled that last week, the Supreme Court gave its verdict on the Naira redesign, directing the federal government to allow the validity of N200, N500, and N1000 notes till 31 December.

According to the report, Isa affirmed that commercial banks have started issuing both old and new notes to their customers, although the apex bank is yet to issue an official statement.

He said:

“Banks are paying old notes as well as new notes. They are all legal tender.

Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians. No. They can’t reject it. It’s all legal tender,”

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News

Naira Redesign: Tell Nigerians How You’re Obeying Supreme Court Ruling – SERAP Urges Buhari

The Socio-Economic Rights and Accountability Project (SERAP) has called on  President Muhammadu Buhari to tell Nigerians what his government is doing to implement the decision of the Supreme Court, extending the validity of the old N200, N500, and N1,000 notes to Dec 31, 2023.

SERAP also urged Buhari “to disclose the measures that his government is taking to direct the Central Bank of Nigeria (CBN) to immediately re-circulate the Naira notes, as ordered by the apex court.

In the letter dated on Saturday and signed by SERAP deputy director Kolawole Oluwadare, the organization said, “There is an overriding public interest in disclosing the details of the measures your government and the CBN are taking to effectively and satisfactorily obey the Supreme Court decision.

“The public should not be kept in the dark on what your government and the CBN are doing to implement the decision. Widely publishing the implementation measures would also improve accountability of state officials and public confidence in the rule of law and Nigeria’s democracy.”

Recall that the Supreme Court had last week extended the validity of the old Naira notes until 31 December.

The apex court stated that the CBN must continue to receive the old Naira notes from Nigerians.

The Court held that Buhari’s instruction on the redesign of the new Naira notes without due consultation was illegal.

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CBN Appoints Isa Abdulmumin As Spokesman

Dr Isa Abdulmumin has been appointed by the Central Bank of Nigeria, CBN,  as its Acting Director, Corporate Communications Department.

Abdulmumin takes over from Mr Osita Nwanisobi, who has retired from the apex bank.

Until his appointment, Dr Abdulmumin was a Deputy Director in the Corporate Communications Department.

His predecessor, Nwanisobi, took over in October 2020 when Mr Isaac Okorafor, retired from service.

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2023 Elections

INEC Receives Sensitive Materials From CBN For Adamawa Elections

The Independent National Electoral Commission (INEC) in Adamawa state has received sensitive election materials from the Yola branch of the Central Bank of Nigeria (CBN) for the general elections.

The Resident Electoral Commissioner (REC) in the state, Hudu Ari received the items on Thursday, saying they would be taken to the various local government areas for the elections beginning this Saturday.

Ari said, “We have come to the CBN to collect the sensitive and other election materials, and they will be conveyed to the various LGAs.”

Ari had earlier convened a press briefing on Monday and declared that INEC was ready to conduct the February 25 and March 11 elections across the state.

He had said his office had received 4,104 BVAs for the 4,104 polling units in the state where 2,196,556 registered Adamawa voters would be expected to vote.

The state chairman of the Inter-Party Advisory Council of Nigeria (IPAC), Bello Babajo, who was at the CBN branch in Yola when INEC received the election materials, said he believed INEC was prepared for the elections.

“We’ve seen the materials. I think INEC is ready. We the political parties are also prepared for the elections,” Babajo said.

INEC will be conducting elections to fill Electoral offices in 37 constituencies in Adamawa State in the course of the February 25 and March 11 elections.

The constituencies are governorship, one; senatorial, 3; House of Representatives, 8; and House of Assembly (25).

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Banks Shut Branches Early Ahead Of Polls

Deposit Money Banks have made some new announcements.

The banks announced they will be closing early on Friday, a day ahead of the presidential polls holding nationwide on Saturday.

In notices issued by banks to their customers seen by our correspondents, the banks said they would be closing earlier than their 4:00 pm official closing time.

They, however, advised their customers to make use of their alternative banking solutions such as USSD, mobile apps etc.

First Bank in its notice told customers, “Kindly be informed that our branches nationwide will close to customers earlier than usual on Friday, 24 February 2023 by 1:00 pm.”

Stanbic Bank in an email addressed to customers said, “Please be informed that our branches will close by 1pm on Friday, 24 February 2023.

“Our customer contact centre will also not be available on Saturday, 25 February and Sunday, 26 February 2023 to attend to your calls and requests because of the election.”

Access Bank is closing earlier also at 12 noon.

In a circular issued on Thursday via email to customers, the bank said, “Our branches will close early on Friday, February 24, 2023, at 12 noon. This is to allow for the timely departure of customers and staff to their respective locations in preparation for the 2023 general elections scheduled for Saturday, February 25, 2023.”

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2023 Elections

INEC Chairman Confirms Receiving Cash From CBN For 2023 Polls

The Independent National Electoral Commission (INEC) has disclosed it it received a  “substantial part” of the cash it requested of the Central Bank of Nigeria (CBN) amid the naira scarcity in the country.

The Independent National Electoral Commission (INEC) has disclosed it received a  “substantial part” of the cash it requested from the Central Bank of Nigeria (CBN) amid the naira scarcity in the country.

INEC Chairman, Prof. Mahmood Yakubu, confirmed receipt of the funds on Thursday, February 23, during a press conference in Abuja on the commission’s activities before the presidential and National Assembly polls.

Yakubu said;

“The bulk of the small amount of cash that we have requested from the Central Bank of Nigeria is right now being released to the commission’s offices nationwide.

“In fact, a substantial part of it has already been received by our offices nationwide and this has greatly facilitated the movement of sensitive materials yesterday from the branches of the Central Bank to our local government areas.

“By tomorrow, we’ll batch them and then move them on Friday to the registration area centres. And then on Saturday early morning, they’ll be moved to the polling units for voting.”

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Fake News – CBN Denies Plans To Shut Down Financial Transactions From Thursday February 23 Till Monday, February 27

The Central Bank of Nigeria CBN has rubbished a viral Whatsapp message stating that it will be shutting down financial transactions from Thursday, February 23 till Monday, February 27.

According to the viral message, bank networks will be unavailable so politicians will not be able to buy votes.

The apex bank debunked this on its Instagram  page, describing it as fake news.