President Bola Tinubu on Friday approved the nomination of Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria for a term of five years at the first instance, pending his confirmation by the Senate. Tinubu also approved the nomination of four new Deputy Governors of the apex bank, for a
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The Central Bank of Nigeria and the Nigeria Customs Service have taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating import duty. The NCS on Saturday raised the exchange rate used for the calculation of import duty from N422.30/dollar to N589/dollar.
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Reactions have continued to trail directives by President Mohammadu Buhari and Central Bank of Nigeria CBN, to commercial banks to dispense and accept the deposit of old Naira notes amid the raging currency crisis. While some commended the President for finally breaking the prolonged brawl, others described it as belated, saying the delay on the
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A university don, Prof. Obiekwe Nwanolue has called on President Muhammadu Buhari and Governor of Central Bank of Nigeria, CBN, Dr. Godwin Emefiele to obey Supreme Court ruling on the use of the new and old naira notes. He also called for the resignation of the CBN Governor, saying the nation’s banking industry has not
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The Central Bank of Nigeria (CBN) has declared that the old Naira Notes of N200, N500 and N1000 have ceased to be legal tender in Nigeria since the 10th of February, 2023. The declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza while briefing Journalists on
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…sources claim that what the CBN is doing is to pay only 10 per cent of the worth of old notes deposited with it by banks The Central Bank of Nigeria(CBN) may bow to mounting pressure and contract the printing of the redesigned N1,000, N500 and N200 notes to foreign contractors in the coming days
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A monitoring team of the Central Bank of Nigeria has accused the branch of a bank in Ado Ekiti, the capital of Ekiti State of hoarding new naira notes it had collected for almost two weeks, claiming that their automated teller machines were not yet configured. In a trending video on Sunday, a deputy director
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By: Ifeoma Ejiofor The Young Progressives Party (YPP) candidate for Ihiala federal constituency, Barr Johnmary Akachukwu Maduakolam, has appealed to the Central Bank of Nigeria (CBN) to mobilize her staffers to his area for an effective swap of old currency for the new one. Barr Maduakolam, an Anambra state-based legal luminary, appealed during an interactive
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…CBN governor announced February 10 as the new deadline The House of Representatives has rejected the new deadline announced by the Central Bank of Nigeria, CBN, for the phasing out of old currency notes. The CBN governor, Godwin Emefiele had in a press statement on Sunday said the new deadline is February 10, 2023. The
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…says the agency is already monitoring banks that were still dispensing old naira notes from their ATMs The Central Bank of Nigeria, CBN has warned that it would sanction banks that continue to dispense the old Naira notes at their Automated Teller Machine, ATM points. The Director of the Legal Services Department of CBN, Mr.
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Reactions have continued to trail the new withdrawal policy of the Central Bank of Nigeria, CBN, and the redesign of the Naira notes. Governors of the 36 states have on Tuesday, summoned the Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, over the withdrawal policy and the redesigned naira notes. The governors, under the auspices
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…says CBN should allow Nigerians have access to their money and devise another economic policy The Coalition of South East Youth Leaders (COSEYL) has rejected the new policy by the Central Bank of Nigeria, CBN, to limit daily cash withdrawals. Recall that the apex bank had, in a bid to discourage cash transactions, pegged cash
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…says a redesign of the naira is 12 years overdue Following recent comments by the Minister of Finance, Budget and National Planning, the Central Bank of Nigeria (CBN) has on Saturday revealed that it followed due process in its decision to redesign some denominations of the naira notes. The apex bank noted that the exercise
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…lamenting that Arabic is not Nigeria’s second official language Nigerians have asked the Central Bank of Nigeria, CBN, to remove the Arabic inscription from the redesigned naira notes. The apex bank had announced that it would unveil the redesigned naira notes on December 15, 2022. The CBN Governor, Godwin Emefiele, said the new currencies to be
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…insists redesigning of the Naira notes will only cost the nation huge sums of money at the expense of taxpayers A Northern group under the aegis of Concerned Northern Forum, has kicked against the proposed redesign of the Naira notes. The DAILY VENDOR had reported that the Central Bank of Nigeria, CBN announced that the
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