Nigerians are anxiously awaiting the Supreme Court’s decision on the Central Bank of Nigeria’s (CBN) new Naira policy. Some state governments recently filed a suit against the Federal Government over the Naira swap policy. In their most recent hearing, a nine-member panel of the Supreme Court led by Justice John Okoro scheduled judgment for 3 March. Kaduna, Kogi, Zamfara, Katsina, …

Total assets of the banking industry grew by N14.36 trillion or 24.24 percent from N59.24 trillion at the end of December 2021 to N73.59 trillion in the corresponding period of 2022. The Central Bank of Nigeria (CBN) disclosed this in the personal statement made by the Deputy Governor, Financial System Stability Directorate, Aishah Ahmad, at the last Monetary Policy Committee …

The Central Bank of Nigeria (CBN) has appointed Dr Isa Abdulmumin as the Acting Director, Corporate Communications Department. Abdulmumin takes over from Mr Osita Nwanisobi, who has retired from the CBN. Until his appointment, 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. The …

The Central Bank of Nigeria (CBN) has announced the development of new and enhanced features for the eNaira to address challenges faced by unbanked Nigerians. The initiative allows customers to utilise the Unstructured Supplementary Service Data (USSD) code *997*50# to perform all banking transactions. Additionally, customers can fund their eNaira wallets with vouchers purchased with cash, like recharge cards or …

The Central Bank of Nigeria (CBN) is reportedly in talks with a New York-based tech company, R3 to rebuild its digital currency platform after suffering sluggish adoption by Nigerians. Another financial software firm, Bitt has been working on the Central Bank Digital Currency (CBDC), the eNaira since 2021. With R3, the CBN seeks to revamp and drive the mass adoption …

An employee of the Lagos State University (LASU), Johnson Adesola died while waiting in a queue to withdraw money at a bank on the institution’s main campus in Ojo. Adesola was a Chief Executive Officer in charge of accounts at the university’s bursary department and an Executive Officer in the Accounts Department of the institution. A few minutes after he …

The governments of Kaduna, Kogi and Zamfara States have filed a contempt proceeding against the Attorney General of the Federation (AGF), Mallam Abubakar Malami and the Governor of Central Bank of Nigeria, Mr Godwin Emefiele, for failing to comply with the order of the Supreme Court suspending the ban on the old N200, N500 and N1,000 notes. A fresh proceeding …

The Central Bank of Nigeria (CBN) has debunked a purported press release shared on the Instagram page of the First Lady, Aisha Buhari. In the release shared on Aisha’s page on Tuesday, it was alleged that the old N500 and N1,000 notes remain legal tender for the next 70 days. In a nationwide broadcast last Thursday, President Muhammadu Buhari had …

The National Chairman of the All Progressives Congress (APC), Senator Abdullahi Adamu and the Progressive Governors Forum (PGF) on Sunday called for compliance by the Federal Government to the Supreme Court order on the controversial naira swap policy. The call came on the heels of a meeting between Adamu and the APC governors in Abuja over a policy that seemingly deepens …

The Governor of Ondo State, Arakunrin Rotimi Akeredolu has urged President Muhammadu Buhari to immediately halt the implementation of the new monetary policy, which entails the swapping of the old Naira notes with the new ones. In an open letter to the President, Akeredolu said that this is a crucial moment for the country and the implementation of the new …