At least four protesters were feared killed on Wednesday when violence erupted in Benin and its environs in Edo State over cash swap policy of the Central Bank of Nigeria (CBN). In Delta State, irate youths set ablaze two commercial banks in protest against the continued scarcity of the new Naira notes and their rejection of the old notes. The victims …

The Bank of Industry (BoI) and the French Development Agency (AFD) have signed a grant agreement for €2.5 million (about N1.23 billion) delegated by the Green Climate Fund to fight climate change in Nigeria. A statement said though the grant agreement sets up a technical assistance scheme for BoI, the grant was designed to build the capacity of BoI, thereby …

The Ogun State Governor, Prince Dapo Abiodun has warned commercial banks operating in the state against rejecting old Naira notes. In a statement on Tuesday, the Chief Press Secretary to the governor, Mr Kunle Somorin said his principal issued the warning while addressing market men and women at Itoku Kampala market in Abeokuta, the state capital, as part of his …

The Central Bank of Nigeria (CBN) has vowed to prosecute Point of Sale (PoS) operators who take exorbitant charges on transactions. At a meeting with members of the diplomatic corps on Tuesday, CBN Governor, Mr Godwin Emefiele said that, while he acknowledged the inconveniences caused by the Naira redesign policy, including hoarding and an elevated agitation, the bank would seek …

The Supreme Court this morning adjourned hearing till 22 February in a suit filed by Kaduna, Kogi and Zamfara States against the Federal Government seeking a restraining order to stop the full implementation of the Naira redesign policy of the Central Bank of Nigeria (CBN). Last Wednesday, the apex court had restrained the Federal Government from implementing the 10 February …

Rights activist Mr Femi Falana has lambasted the Central Bank of Nigeria (CBN) for flouting the interim injunction of the Supreme Court suspending the implementation of the 10 February deadline on the use of the old banknotes. Last Wednesday, the Supreme Court restrained the Federal Government, the CBN and commercial banks from implementing the currency swap policy, which made N1,000, …

The management team of the Central Bank of Nigeria (CBN) has scheduled a meeting for Monday to review the Naira swap crisis that has virtually crippled financial transactions over the weeks. The meeting is expected to discuss last Friday’s advice of the National Council of State that the regulatory bank should print more redesigned N1,000, N500 and N200 notes or …

Nigerians will have to wait for more time for the  Central Bank of Nigeria (CBN) to meet the high demand for the new N200, N500, and N1000 notes, according to reports. This is because the Nigerian Security Printing and Minting Plc (The Mint), which is saddled with the task of printing the money, lacks the immediate capacity to meet expectations. …

Cash-strapped Nigerians will undoubtedly find it more difficult now that more banks are closing their doors. The banks hinged their actions on lack of cash and safety. Zenith, Sterling and Fidelity banks have had some of their branches in Lagos, Ibadan, Abeokuta and Benin shut for three days after being stormed by angry customers. Two tier-1 banks in Lagos left …

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has discovered N258 million stashed in the vaults of a bank amid the ongoing cash scarcity in the country. Spokesperson of the anti-graft agency, Azuka Ogugua said the money that all new Naira notes was found in the vault of the Abuja head office of Sterling Bank. “Operatives of ICPC …