The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct banks to immediately revamp their electronic transaction platforms. According to the House, the move has become necessary in the aftermath of the recent CBN policies, which have put pressure on online and electronic banking. The CBN had set lower limits for cash withdrawal and redesigned the …

Deposit Money Banks have begun to ration the disbursements of old N1,000 and N500 notes to their customers amid uncertainty over whether the Central Bank of Nigeria (CBN) will release the old notes in its custody. This came about 24 hours after the CBN Governor, Mr Godwin Emefiele announced that old N1,000, N500 and N200 notes remained legal tender. But …

Some Nigerian banks have commenced paying old N1,000, N500 notes to customers following the Supreme Court judgment, which extended the validity to 31 December. Daily Trust reports banks in the City of Kano and Abuja paid customers, who came for withdrawals in old Naira notes on Monday. GTBank and Access Bank branches, for instance, paid out the old banknotes in …

Protests over Naira scarcity have erupted in Ogun State, with images online showing two banks set on fire in the Sagamu area of the state. The videos shared on Monday showed many residents watching as Keystone and Union banks were set ablaze with some youths holding planks in protest. Breezy News reported last Friday that protests broke out in the …

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 …

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 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 …

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele stated on Tuesday that banks are to blame for the scarcity of new naira notes. He said some of them have not complied with a directive to only load the new notes on Automatic Teller Machines (ATMs), but have instead been handing out bundles to individuals who spray them …

Kano State Governor, Dr Abdullahi Ganduje said on Sunday that the process of replacing old N1,000, N500 and N200 notes with re-designed ones has been stressful for his people. He said no fewer than 24 council areas of the state have no commercial banks. Ganduje spoke with reporters in Daura, Katsina State when he led a delegation of Kano stakeholders …

Nigerian banks have announced changes to operating hours ahead of the 31 January deadline for phasing out old naira notes. FirstBank of Nigeria Limited, Standard Chartered, Wema Banks, and many others declared that their branches would be open for cash deposits on Saturday and Sunday. The bank made the statement in a messages to customers on Friday, via their social …