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 …

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 …

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has said that the high charges by Point of Sale (PoS) agents on every transaction would be suspended during this period of Naira scarcity. At a special media briefing on the new Naira notes in Lagos on Friday, Emefiele urged banks to stop the charges on PoS. He …

Amid the currency scarcity agony of Nigerians, a bank presented N500 million new Naira notes to a state governor, according to Kaduna State Governor, Mallam Nasir el-Rufai. According to the new policy of the Central Bank of Nigeria (CBN), a weekly withdrawal limit of N100,000 and N500,000 respectively is placed personal and corporate accounts. In exceptional cases, a maximum of …

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 …

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 …

With three working days to the deadline for the phasing out of the old N200, N500, and N1000 notes, officials of the Central Bank of Nigeria (CBN), Abeokuta branch on Thursday visited various mobile money and Point of Sales (PoS) agents in Ogun State to monitor the implementation of its recently introduced cash swap policy. The cash swap programme is …

The Central Bank of Nigeria (CBN) has insisted that the deadline for the validity of the old N200, N500 and N1,000 remains next Tuesday, 31 January. But just as the CBN Governor, Mr Godwin Emefiele announced this at the CBN’s Monetary Policy Committee (MPC) meeting on Tuesday, the National Assembly asked the regulatory bank to extend the deadline for the …

Traders and commercial motorcylists are rejecting the outgoing Naira notes, which will cease to be lenger tender in seven days. Last 26 October, the Central Bank of Nigeria (CBN) announced that the redesigning of the N200, N500 and N1,000 notes, which would run side-by-side with the old versions until 31 January. President Muhammadu Buhari then launched the new notes on …