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 …

For those who do not know, “Mefy” is the alias of Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) who completed his first term of five years in 2019 and was re-appointed by President Muhammadu Buhari for another term of five years. Ten years is a long time in a high profile position that is the cynosure if …

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. …

The National Security Adviser (NSA), Major General Babagana Mongunu (rtd.) has said that the economic crisis caused the scarcity of the redesigned Naira notes was affecting military operations in some areas. He said some soldiers were having financial difficulties. Mongunu urged the House of Representatives to find practicable solutions to the economic crisis caused by the scarcity of the redesigned …

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 …

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 …

With the scarcity of new Naira notes and fuel unabating in many parts of the country, the All Progressives Congress (APC) presidential candidate, Asiwaju Bola Ahmed Tinubu has once again appealled to Nigerians to remain calm as the government and relevant agencies continue to work out solutions. In Abuja on Tuesday, Tinubu said he sympathises with the people, especially the …

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). …