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Tag: new notes

  • Banks are now paying old notes, new notes – CBN

    Banks are now paying old notes, new notes – CBN

    The Central Bank of Nigeria has stated said that commercial banks have started issuing both old and new Naira notes

    The Acting Director of Corporate Communications CBN, Dr. Isa Abdulmumin disclosed this on Tuesday.

    He noted that both old and new notes are now legal tender but 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.”

     

  • GTB denies giving N500m new notes to any Presidential candidate

    GTB denies giving N500m new notes to any Presidential candidate

    Guaranty Trust Bank Ltd., said it did not give N500 million new notes to any Presidential candidate in the ongoing General Elections, as reported on Twitter by @ifygold21.

    The bank said in a statement on Wednesday in Lagos, that the claim was completely false and designed to bring the image of the bank and its officers to disrepute.

    “The attention of Guaranty Trust Bank Ltd., (the “Bank”) has been drawn to a spurious post on Twitter by @ifygold21 alleging that the Bank gave the new Naira notes in the total sum of ₦500 million to one of the leading presidential candidates in the ongoing General Elections, on the eve of the elections and at the order of a high-ranking government official.

    “The Bank wishes to refute this claim in its entirety and state categorically that it is completely false and it’s designed to bring the image of the Bank and its officers to disrepute.

    “The fact that the post refers to Segun Agbaje as Managing Director of the Bank further exposes the sponsors of the content as uninformed and malicious.

    ” Accordingly, we would like to clarify that Miriam Olusanya is the Managing Director of the Bank and has been at the helm of affairs of the Bank in that capacity since her appointment in Aug. 2021.

    “Our preliminary findings show that the post was made using a faceless bot account, evidently operated by unscrupulous persons intent on propagating falsehood and inciting well-meaning Nigerians to their malicious ends.

    “This is clearly unwarranted and poses a serious threat to our continuing operations, with incalculable risks to lives and property,” it said.

    The bank said that it had taken the post seriously and had escalated it to all concerned parties including Twitter, for the identification of the owner of the fake account and consequent legal action.

    The bank noted that its Nigerian operations supported a diverse customer base with varied business interests in communities across the country and as such, remained available to everyone.

    The bank urged its Customers and the banking public to kindly disregard this unsubstantiated claim in its entirety.

    “Guaranty Trust Bank hereby restates its commitment to being a responsible, non-partisan corporate citizen with strict adherence to the highest standards of global best practice as well as sound corporate governance in all aspects of our business operations,” it said.

  • Naira Scarcity: CBN policy specially designed to target Tinubu – Kachukwu

    Naira Scarcity: CBN policy specially designed to target Tinubu – Kachukwu

    The presidential candidate of the African Democratic Congress (ADC) Dumebi Kachikwu has revealed that the Central Bank of Nigeria (CBN) naira redesign policy was specially designed to target the presidential flagbearer of the All Progressives Congress, APC, Sen Bola Tinubu.

    Kachukwu has now lamented the sufferings faced by Nigerians due to the CBN naira redesign.

    The ADC presidential flagbearer made his position known  in a news conference on Friday in Abuja.

    He said, “The naira redesign was ill-timed, poorly implemented and designed purely to target the APC Presidential Candidate, Senator Bola Tinubu.

    “Gov. Nasir El Rufai Kaduna State has now confirmed this.

    “I again warn that the desperation to stop Tinubu shouldn’t plunge Nigeria into a state of anarchy.

    “It’s heart-breaking to see that Nigerians have died, banks burnt, property destroyed, and millions suffering as they desperately try to access an unavailable naira.”

    He added: “Tens of millions of Nigerians operate within the informal sector and earn daily wages between N500 to N10,000 in cash.

    “Most of them live in unbanked or underbanked parts of Nigeria and they now bear the brunt of this ill-conceived policy.

    “Don’t we’ve any conscience as leaders? How do we go to bed at night knowing that Nigerians are queuing outside banks all through the night just to get N5000?

    “Poor Nigerians bear the burden of the failures associated with this recolouring.”

    “This is evil, Nigerians should not have to die because politicians are fighting for the soul of our nation”.

    This is coming amidst the worsening scarcity of the new naira notes across Nigeria.

    Earlier this week, angry citizens piled up the pressure with protests taking place simultaneously across Nigeria.

    On Thursday, President Muhammadu Buhari directed the CBN to intensify collaboration with various anti-corruption agencies in checking the activities of those bent on frustrating the implementation of the currency redesign policy.

    Similarly, he has directed the CBN to release hoarded N 200 notes back into circulation till February 10 when it will cease to be legal tender.

  • New Notes: FG, CBN to make decision after Supreme Court ruling

    New Notes: FG, CBN to make decision after Supreme Court ruling

    The federal government and the Central Bank of Nigeria have promised to take a stand after Supreme court ruling today, Wednesday.

    This was made known by the Senior Special Assistant to the President on media and Publicity, Garba Shehu, saying that the FG would make its position on the new naira policy known after the determination of the suit at the Supreme Court.

    Addressing journalists on Tuesday on the matter, he said “Following series of enquiries, we wish to state that it is not true that the FG or the CBN has taken a pre-emptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.

    “We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.

    “The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow.”

    This comes about one week after the Supreme Court, in a ruling on February 8, suspended the CBN’s February 10 deadline to halt the use of old naira notes.

    The bank had ordered citizens to exchange old N200, N500 and N1,000, banknotes for a redesigned version of the same currencies.

    However, the Supreme Court, responding to an ex parte application filed by the governments of Kaduna, Kogi and Zamfara, stopped the CBN from effecting its ban on the old notes pending the hearing and determination of the case on Wednesday, February 15.

    Meanwhile, many more governors have also indicated interest to join in the suit against the federal government at the Supreme Court.

  • Naira redesign: Embrace eNaira and internet banking, CBN tells Nigerians

    Naira redesign: Embrace eNaira and internet banking, CBN tells Nigerians

    The Central Bank of Nigeria (CBN) has expressed concern over the challenges being experienced by the citizens in getting cash from their bank accounts and other alternative channels.

    The  Director, Corporate Communications Department in the bank, Mr Osita Nwanisobi stated this during the CBN Special Day at the ongoing 44th Kaduna International Trade Fair, on Saturday in Kaduna.

    Represented by Mohammed Abbah, Director, Capacity Development in the bank, Nwanisobi said the advantages of the currency redesign were overwhelmingly enormous and would benefit the economy in the long run.

    “Indeed, there have been reports of occasional transaction failures, we wish to assure you that the Nigerian payment system infrastructure is robust enough to handle the surging transaction volumes across all channels.

    “We, therefore, urge Nigerians to embrace alternative payment channels, such as eNaira and internet banking as we embrace the cashless policy,” he said.

    Nwanisobi said the policy was not targeted at anyone or any group of persons rather aimed at strengthening Nigeria’s macroeconomic fundamentals and better our socio-economic conditions.

    He said the aim of the currency redesign was to make the country’s monetary policy more efficacious which resulted to relatively stable exchange rate.

    The Director said the policy also aimed at combating banditry and ransom-taking while increasing financial inclusion by reducing the number of the unbanked population in the country.

    According to him, the CBN is focus on stimulating productivity in the manufacturing sector, strengthening domestic industries, transforming agricultural output to ensure self-sufficiency and shield local economy from harm.

    He said the apex bank in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS) recently unveiled the National Domestic Card Scheme, the first in Africa.

    The initiative, he said, would lower operating cost incurred by banks through huge charges for foreign card schemes while reducing foreign exchange commitments associated with operating such cards.

    According to him, the apex Bank has released funds to support various initiatives such as the Anchor Borrowers’ Programme (ABP), the Commercial Agriculture Credit Scheme (CACS), and the Tertiary Institutions Entrepreneurship Scheme (TIES) between 2015 till date.

    “Similarly, the bank has supported the Micro, Small and Medium Enterprises (MSMEs) sector, the Agribusiness/Small and Medium Enterprise Investment Scheme(AgSMEIS) and Micro, Small, and Medium Enterprise Development Fund (MSMEDF).

    “Under the Export Development Fund (EDF) and Export Facilitation Initiative (EFI), the CBN has funded several projects for non-oil export commodity value-addition and production in excess of N11 billion and N3 billion, respectively”.

  • Old Notes: Wike hails supreme court over judgement extending CBN’s deadline

    Old Notes: Wike hails supreme court over judgement extending CBN’s deadline

    The Governor of Rivers State,  Governor, Nyesom Wike has hailed the supreme court judgment that set aside the Central Bank of Nigeria, (CBN)’s February 10 deadline stopping the old notes from becoming legal tender in the country.

    Wike commended the Supreme Court for saving Nigerians and democracy with the judgement, saying it’s in the best interest of everybody.

    Wike spoke during the Rivers State Peoples Democratic Party (PDP) campaign in the Abua/Odual Local Government Area, where he urged the people to preserve their Permanent Voter Cards (PVCs) to vote for the candidates of the PDP at the state level.

    He also commended the government of the three states that filed the suit.

    He said the Rivers State Government will join the suit against the Federal Government, noting that the PDP in the state is not in support of the policy.

    The governor noted that the Supreme Court has through the decision, proven that the judiciary is the hope of the common man.

    The CBN has earlier directed that the old notes will cease to be legal tender as from Friday 10th of February 2023.

  • CBN naira re-design ill timed – APC PCC

    CBN naira re-design ill timed – APC PCC

    The All Progressives Congress (APC) Presidential Campaign Council (PCC) says the Central Bank of Nigeria (CBN) naira re-design is ill timed.

    Mr. Bayo Onanuga, Director, Media, and Publicity APC PCC said this in a statement on Friday in Abuja.

    “The naira re-design policy has become a burden too heavy to bear by Nigerians,” Onanuga said, adding many Nigerians were suffering to get their monies from their banks because of the policy.

    He faulted former Vice-President Atiku Abubakar’s opposition to the call on the CBN to extend the Feb. 10 deadline for the naira notes swap.

    “The sabotage of the naira notes swap and fuel scarcity in parts of the country have caused untold hardship to millions of Nigerians.

    “The development have revealed the true character of the PDP and Atiku as public enemy number one.

    “Since the CBN introduced the current cash-limit and new naira notes swap policies, Atiku Abubakar and the PDP maintained opportunistic silence.

    “The is with the hope that they will benefit from the discomfort the policies would create to Nigerians and the resentment it would generate for the APC,” Onanuga said.

    He added: “While Atiku and PDP were in bed with the saboteurs and fifth columnists among the operators of Money Deposit Banks and oil marketers who created the current logjam to force the outcome of the Feb. 25 presidential election in favour of the former Vice-President.

    “Our candidate Asiwaju Bola Tinubu, the APC presidential candidate courageously pitched his tent with the poor masses who have been most negatively impacted by the antics of these evil doers.

    “Having realised they have lost the initiative and their antics exposed to Nigerians by Tinubu at the APC presidential campaign rally in Abeokuta.

    “Atiku made a half-hearted appeal to CBN to slightly extend the deadline for the currency swap.”

    Onanuga said the APC PCC was at a loss to understand what informed the current call of Atiku on CBN not to extend the Feb. 10 deadline.

    This, he said, was in spite of the unmitigated hardship still being faced by many Nigerians who could not meet their basic daily needs as a result of lack of cash from banks and the empty ATM.

    “Anyone who lives in Nigeria and not Dubai and visited banks and ATM locations will feel sad that the CBN is making Nigerians suffer for its badly timed naira swap policy.

    “The bank’s latest fire brigade approach in approving payment of N20,000 at the counter is far from offering relief as queues are still long, agony and frustrations widening,” he said.

    According to him, is an invitation to riots, adding that the CBN poorly implemented policy had turned Nigerians to destitutes because they could not access their own money in their bank accounts.

    He said that people could not get money to give their kids to school or pay for daily needs at corner shops, fruit shops, including buying newspapers while transactions in market places had plummeted.

    He added that the CBN governor gave insight into the nature of the problem when he recently revealed in Daura, Katsina State that out of the N3.3 trillion in circulation, only N500 billion was in bank vaults.

    “So far, only N1.9trillion had been received by the banks for swap, but people are not getting the new notes to spend, thus triggering the huge anger in the land against Godwin Emefiele, the CBN Governor.

    “We thus find it ludicrous that a man who joined the call for an extension of the deadline last week is championing a new campaign against further extension.

    “Because he feels the suffering of Nigerians will serve his own political end to become president at all cost

    “Atiku said callously that there should be no further postponement of the new naira regime after the expiration of the Feb. 10 deadline,” Onanuga said.

    He said Atiku had anchored his objection on the wrong reason that the CBN and the presidency should be steadfast, saying that the merits of the new naira policy far outweigh the little inconvenience Nigerians were currently experiencing.

    Onanuga added that in passing off the suffering of Nigerians as little inconvenience, Atiku had shown himself as a political leader disconnected from the Nigerian people that he was campaigning to govern.

    “Certainly, living comfortably in Dubai for many years has drained Atiku of all empathy.

    “This is a man who wants to be president and does not mind even if he presides over the graves of Nigerians as long as his inordinate ambition materialises in line with the prophecy of his marabouts.

    “It is crystal clear to every Nigerian of conscience now that Atiku Abubakar and PDP do not mean well for our country.

    “The PDP and Atiku have become desperadoes who will wish calamity on the country as long as it makes them win an election they are destined to lose, spectacularly,” Onanuga said.

    He added that Nigerians must reject Atiku at the poll on Feb.25.

    He said that if Atiku Abubakar had the poor Nigerians at heart like Tinubu, he would not be advocating for adherence to a policy that had become a burden too heavy to bear by Nigerians.

  • Naira Redesign: President Buhari to take major decision next week

    Naira Redesign: President Buhari to take major decision next week

    President Muhammadu Buhari has said that he would take a major decision concerning the naira redesign and its distribution in the next one week.

    The president’s statement was made known by his media aide, Garba Shehu on Friday, he said that the request is sequel to a meeting held with the governors forum at the state house Abuja on Friday.

    Buhari gave indications that he would within seven days resolve the cash crunch plaguing Nigerians as a result of the policy of the Central Bank of Nigeria to change high-value Naira notes with new ones.

    Meanwhile, the country has been hit with shortage of the new notes while the old notes are gradually phased out.

    It was gathered that the Progressive Governors Forum appealed to the president to reconsider his stance, noting that the policy was already threatening the government effort to transform the economy.

    However, Buhari said he believes the currency re-design will give a boost to the economy and provide long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy.

    He indicted some bank management, saying, “Some banks are inefficient and only concerned about themselves”,

    The President, also added that “even if a year is added, problems associated with selfishness and greed won’t go away.”

    According to him, he had seen television reports about cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension will be used to crack down on whatever stood in the way of successful implementation.

    “I will revert to the CBN and the Minting Company. There will be a decision one way or the other in the remaining seven days of the 10-day extension,” the President assured.

    Meanwhile, the Governors told the President that, while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset.

    They told the President that, as leaders of the government and party in their different states, they were becoming anxious about a slump in the economy and the series of elections that are coming. They requested the President to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.

    The President said when he considered approving the policy, he demanded an undertaking from the CBN that no new notes will be printed in a foreign country and they in turn gave him assurances that there was enough capacity, manpower and equipment to print the currency for local needs. He said he needed to go back to find out what was actually happening.

    Buhari told the Governors that, being closer to the people, he had heard their cries and will act in a way that there will be a solution.

    The CBN had already extended the deadline to spend the old notes till February 10, 2023, however, with the president’s meeting with governors forum, it remains to be seen if there will be another extension.

     

  • BREAKING: I will make a decision on Naira redesign in 7 days – Buhari

    BREAKING: I will make a decision on Naira redesign in 7 days – Buhari

    President Muhammadu Buhari has decided to make a critical decision in seven days following the policy of the Central Bank of Nigeria to change high-value Naira notes with new ones.

    Mr. Femi Adesina, the President’s spokesman in a statement, said Buhari stated this during a meeting with the Progressive Governors Forum on Friday at the State House.

    The APC Governors were in the Presidential Villa to seek solutions to the cash crunch which they said was threatening the good records of the administration in transforming the economy.

    According to President Buhari, the currency re-design will give a boost to the economy and provide long-term benefits.

    He, however, expressed doubts about the commitment of banks in particular to the success of the policy.

    “Some banks are inefficient and only concerned about themselves.

    ”Even if a year is added, problems associated with selfishness and greed won’t go away,” he said.

    He said he had seen television reports about cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension would be used to crackdown on whatever stood in the way of successful implementation.

    “I will revert to the CBN and the Minting Company. There will be a decision one way or the other in the remaining seven days of the 10-day extension,” the president assured.

    The governors told the president that, while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset.

    They told the president that, as leaders of the government and party in their different states, they were becoming anxious about a slump in the economy and the series of elections that are coming.

    They requested the president to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.

    The president said when he considered giving approval to the policy, he demanded an undertaking from the CBN that no new notes would be printed in a foreign country and they, in turn, gave him assurances that there was enough capacity, manpower and equipment to print the currency for local needs.

    He said he needed to go back to find out what was actually happening.

    Buhari told the governors that, being closer to the people, he had heard their cries and would act in a way that there will be a solution.

  • BREAKING: CBN orders banks to begin counter payment of new Naira notes

    BREAKING: CBN orders banks to begin counter payment of new Naira notes

    The Central Bank of Nigeria (CBN) on Thursday ordered commercial banks to begin the payment of the new naira notes to customers over the counter.

    This was confirmed in a statement issued and signed by the Bank’s Director, Corporate Communications Osita Nwanisobi.

    Nwanisobi said the maximum daily payout limit is N20,000 only.

    “In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000,” the statement added.