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Businessman and Socialite Cubana Chief Priest to be Arraigned for Alleged Abuse of Naira

Today, the Economic and Financial Crimes Commission (EFCC) is set to arraign Pascal Okechukwu, popularly known as Cubana Chief Priest, before the Federal High Court in Lagos over allegations of abusing the Nigerian currency, the Naira. Cubana Chief Priest is facing a three-count charge of allegedly spraying and tampering with the Naira at a social […]

CBN Governor promises Nigeria’s inflation rate will drop in 2024

Meanwhile, the CBN Governor, Yemi Cardoso, says Nigeria’s inflationary pressure will drop from 28.92 per cent to 21.4 per cent in 2024. Speaking during his addressed to the House of Representatives, Cardoso said the projected decline in the country’s inflationary is due to inflation-targeting policies of the Federal Government, and improvement in agricultural productivity as […]

CBN dismisses the boards of Union, Keystone, and Polaris Banks

The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank and Keystone Bank. The apex bank in a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, said “this action became necessary due to the non-compliance of these banks and their respective boards with some sections of the […]

CBN Says Old Naira Notes Remain Legal Tender Indefinitely

The Central Bank of Nigeria (CBN), says the old Naira banknotes will henceforth remain legal “ad infinitum”, in line with international best practices and to forestall a repeat of earlier experiences. Recall that the CBN had introduced redesigned N200, N500 and N1,000 denominations in October 2022, and had set certain deadlines for legal tender status […]

CBN Warns Against Panic Withdrawals, Says Old Notes Remain Legal Tender

The Central Bank of Nigeria has reiterated that all denominations of naira notes it issued remain legal tender and should be accepted as payment for goods and services. The apex bank, in a statement by its Director Corporate Communications Dr Isa AbdulMumin, also directed its branches across the country to continue issuing adequate quantities of […]

CBN Debunks Scarcity of New Naira Notes being Linked to Printing Materials Shortage

The Central Bank of Nigeria (CBN), has denied claims that the scarcity of the newly redesigned Naira notes was caused by shortage of printing materials. Over the last couple of days, some news outlets had been reporting about the shortage of currency printing materials at the Nigeria Security Printing and Minting Company, while erroneously quoting […]

Supreme Court halts old naira notes deadline implementation pending suit hearing

The SUPREME COURT has restrained the Federal Government and the Central Bank of Nigeria (CBN), from effecting the February 10, deadline to phase out the old N1000, N500 and N200 notes. The apex court temporarily barred the CBN and the Federal Government from making an order to stop or suspend the Swap of the old […]

President Buhari extends deadline of the ongoing currency swap by ten days

President Muhammadu Buhari yesterday approved extension of the ongoing currency swap by ten days, moving the deadline from January 31, 2023 to February 10, 2023. President Buhari gave the approval at a meeting with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, urging more time, discretion and order to enable Nigerians successfully […]

CBN denies scarcity of the new naira notes

The Central Bank of Nigeria (CBN) has denied scarcity of the new naira notes as alleged by some Nigerians and advised that faulty currencies be returned to banks for replacements. The CBN Governor, Godwin Emefiele, represented by Musa Jimoh, Director, Payment System Management Department of the bank, denied the allegation in a news conference on […]

Nigeria Senate battles CBN over old naira notes’ deadline

The Senate and the House of Representatives has again called for the extension of the deadline set by the Central Bank of Nigeria (CBN) as the expiration date for the old N200, N500 and N1000 notes. Correspondent, Raliat Adenekan and Nathan Williams reports that the 2 legislative chambers of the national assembly urged the President […]