Tag Archives: New Naira notes

By Elvis Eromosele There is a popular theory that Nigerians are resilient. The CBN naira redesign policy put that famous theory to the test in several ways. People have been stretched in a myriad of directions in the scramble to overcome the scarcity of new naira notes. Banking halls, ATM …

The Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, has said no less than N5 billion was lost and seven bank branches completely destroyed, following the violent protests and attacks that trailed fuel and naira scarcity in some states of the federation. President of ASSBIFI, Olusoji Oluwole, …

…Risks Jail Time The Central Bank of Nigeria (CBN) has gone tough on its efforts to implement the redesigned naira policy with a clamp down on rogue Point of Sale (POS), fuel stations and supermarkets, identified as fifth columnists frustrating the policy and making life difficult for Nigerians. It has …

After fierce resistance, protracted heat on Nigerians and  aggressive reactions leading to protest, authorities of the Central Bank of Nigeria (CBN) on Thursday, admitted that the ongoing problems associated with the Naira redesign and cash withdrawal policy were not anticipated. A Deputy Governor of the apex bank, Folashodun Shonubi, made …

By Elvis Eromosele The amount of queueing Nigerians have been subjected to in the last couple of weeks is unprecedented. It is equally unbecoming. It’s almost like the country had gone back four decades. Fights have broken out in queues at bank facilities, filling stations and INEC and LGAs offices …

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says that as part of ongoing efforts to ensure that commercial banks comply with the Central Bank of Nigeria’s (CBN) directive on the distribution of the redesigned naira notes, its operatives found the sum of N258 million stashed in the …

The professional body for bankers in the country, the Chartered Institute of Bankers of Nigeria (CIBN), has appealed to citizens of the nation to be patient and remain calm over the hardship caused by the scarcity of new Naira notes in the financial system. The Central Bank of Nigeria (CBN) …

Following CBN Sanction for hoarding N6 million new naira notes, sterling bank has announced the availability of the notes for the general public. Recall,  CBN discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having …

The Central Bank of Nigeria (CBN) on Thursday directed commercial banks to start paying the redesigned naira notes to customers over the counter. CBN governor Godwin Emefiele announced the directive in a statement. Emefiele said the new directive was to alleviate the challenges that Nigerians are experiencing with getting access …

Commercial banks in Nigeria will still accept old naira notes from customers after the February 10 deadline, the governor of the Central Bank of Nigeria, Godwin Emefiele, told the House of Representatives on Tuesday. Emefiele stated this while appearing before the ad hoc committee set up by the House on …