A former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, on Wednesday, told Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, that intrigues and politics were involved in the naira redesign exercise carried out in 2022. Shonubi, who served as the Deputy Governor of Operations before his appointment as acting CBN Governor …

A Federal High Court sitting in Ikoyi, Lagos, yesterday, convicted and sentenced one Oluwadarasimi Omoseyin, an actress, to six months imprisonment for spraying and stepping on the new Naira notes at a social event in Lagos. She was first arraigned on 13 February 2023, by the Economic and Financial Crimes Commission (EFCC), on two-count charges, to which she pleaded “not …

Some residents of Abuja and its environs have lamented the scarcity of the new naira notes. The Central Bank of Nigeria (CBN) has restored the old 200, 500, and 1000 naira notes to remain as legal tender until 31st December. The News Agency of Nigeria (NAN) reports that residents are lamenting over the scarcity of the new notes. Mr Moses …

Guaranty Trust Bank (GTBank) has denied claims that it gave President-elect, Asiwaju Bola Ahmed Tinubu, who was then the presidential candidate of All Progressives Congress N500 million new naira notes for funding elections. The denial comes after a viral social media post alleged that the bank gave Tinubu the money on the eve of the presidential and national assembly election. …

The Supreme Court has said that it will deliver judgment in the suit challenging the Naira redesign policy of the Central Bank of Nigeria (CBN) on 3 March. The seven-member panel of the apex court communicated the decision on Wednesday. Earlier in the day, the Supreme Court had consolidated various suits instituted by state governments – numbering 10 – with …

The Supreme Court on Wednesday consolidated various suits instituted by state governments – numbering 10 – with the most recent joiner being Abia State. The suit is challenging the implementation of the Naira redesign which introduced late last year. The motion for the consolidation was argued by counsel for Rivers State, Emmanuel Ukala. Ukala, while moving the motion on notice, …

Operatives of the Ekiti State Amotekun Corps have arrested a man, identified as Celestine, with counterfeited new N1,000 notes amounting to about N250,000. Celestine, who claimed he was an Anambra State born Lagos-based businessman, said he was heading from Lagos State to Isanlu in Kogi State to buy kolanut and bitter kola when he was arrested with the fake new …

Ten states have asked the Supreme Court to declare the new directive of President Muhammadu Buhari, reintroducing the old N200 notes and declaring old N500 and N1,000 notes as unconstitutional. On Thursday, President Buhari directed the Central Bank of Nigeria (CBN) to re-circulate only the old N200 notes. This is after the apex court did not vacate the order that …

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 …

The All Progressives Congress (APC) presidential candidate, Asiwaju Bola Ahmed Tinubu has recommended a six-point solution to the Naira notes crisis, which has virtually crippled the nation’s economy. Among his suggestions are the suspension of associated charges on online transactions and bank transfers and payments via Point Of Sales (POS), and the co-existence of the old and new Naira notes. …