Sterling Bank has announced that it will be waving charges on customers’ transfers for 12 days (6 to 18 February) amid challenges of new Naira notes. The bank’s action is unique and a big sacrifice to its customers, who are dealing with a shortage of new Naira notes. Banks generate income from electronic commissions, and Sterling’s move to forgo charges …

One person was reportedly shot following a riot on Tuesday in Abeokuta, the Ogun State capital over the scarcity of the new Naira notes. The Naira crisis sparked violent protests in parts of the country on Tuesday as most bank branches hurriedly shut down operations. A First Bank branch was torched in Ogun State during the protest in which a …

All Progressives Congress (APC) presidential candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the new Naira and cashless policies of the Central Bank of Nigeria (CBN) that have subjected the masses to pains. According to Tinubu, the Governors, especially those of the APC who instituted …

The Supreme Court has restrained the Federal Government from implementing the 10 February deadline of the old N200, N500 and N1,000 notes to stop being legal tender. Three states — Kaduna, Kogi and Zamfara — had in a motion ex-parte filed on 3 February, prayed the apex court to halt the Central Bank of Nigeria (CBN) Naira redesign policy. In …

A High Court of the Federal Capital Territory (FCT) on Monday issued an interim injunction stopping the Federal Government from extending the 10 February deadline for the phaseout of the old Naira notes. The court ruled on an application by four political parties – Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM), and National Rescue Movement (NRM). …

Three states – Kaduna, Kogi and Zamfara – have dragged the Federal Government to the Supreme Court seeking a restraining order to stop the full implementation of the Naira redesign policy of the Central Bank of Nigeria (CBN). In a motion ex-parte filed before the court, the three states are praying the court to grant an interim injunction stopping the …

The Association of Corporate Affairs Managers of Banks (ACAMB) has denied that banks are hoarding new Naira notes, and assured that normalcy would soon return in the currency swap system. In a statement by ACAMB President, Mr Rasheed Bolarinwa, the association said that the banks have invested over N100 billion to develop electronic payment channels. The statement read: “Nigerian banks …

Former National Chairman of the All Progressives Congress (APC), Comrade Adams Oshiomhole has accused the Central Bank of Nigeria (CBN) of deceiving President Muhammadu Buhari over the redesign of the naira notes. Last year, President Buhari approved the redesign of the N1,000, N500, and N200 notes. The move, has, however, created hardship among Nigerians who battle to lay hands on …

The anti-fuel/Naira scarcity protest in Ibadan turned bloody on its second day (Saturday) after one person was shot dead by security personnel. Some hoodlums, according to the police in Ibadan, had attacked the security personnel while on patrol around Apata junction market. Long queues at Automated Teller Machines (ATMs) persisted across the country as people raced against time to dispose …

Borno State Governor, Prof. Babagana Zulum on Friday threatened that any bank which refuses to dispense new Naira notes would have its land revoked by the state government. Zulum sent the warning in Maiduguri, the state capital, after visiting branches of banks to see first-hand the ordeals residents go through in trying to obtain new naira notes. The governor expressed …