CBN
CBN Raises Interest Rate To 26.25%
The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 24.75 percent to 26.25 percent. This comes after Nigeria’s inflation rate rose to 33.69 percent amid the surge in food prices. Olayemi Cardoso, CBN’s governor, announced the monetary policy rate adjustment at […]
Read More
CBN Suspends Charges on Cash Deposits above N500k
The Central Bank of Nigeria has suspended processing fees on cash deposits above N500,000 to ease cash crunch. The apex bank in a circular to all banks, other financial institutions and non-bank financial institutions stated that this suspension will remain in effect until April 30, 2024. Before the decision, announced in a circular signed by […]
Read More
Senate confirms appointment of CBN Governor-nominee Yemi Cardoso and his deputies
The Nigerian Senate has confirmed the appointment of Yemi Cardoso as the Central Bank of Nigeria (CBN) governor and four others as deputy governors of the apex bank. Their appointment was confirmed after their screening by the upper legislative bodytoday September 26. The deputy governors who were confirmed are Emem Nnana Usoro, Muhammad Sani Abdullahi […]
Read More
CBN confirms Emefiele’s resignation as Cardoso assumes office
Olayemi Michael Cardoso who was recently nominated by President Bola Ahmed Tinubu, as the acting Governor of the Central Bank of Nigeria CBN on Friday, September 22, 2023, pending his confirmation by the Senate. A statement released by the apex bank says Cardoso’s assumption follows the resignation of the immediate past governor of the bank, […]
Read More
Naria Scarcity: CBN Denies Receiving Presidential Orders To Reissue Old Naira Notes
The Central Bank of Nigeria (CBN) has denied receiving presidential orders to reissue the old N200, N500 and N1000 naira notes. The CBN’s denial was in a reaction to a press release purportedly from the CBN circulating on social media. The press release reads: “Due to the current and unpleasant situation happening in Nigeria, in […]
Read More
CBN denied a report purportedly asking commercial banks to start accepting the old #500 and #1,000 notes from Nigerians.
The CBN debunked the report in a statement signed by the Director, Corporate Communications, Osita Nwanisobi. The statement reads, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes. For […]
Read More
Just In: CBN orders banks to collect old N500, N1,000 notes
The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It however pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were still no more legal tender. A source from the bank said the […]
Read More
Breaking:Supreme Court Adjourns CBN New Naira Policy Case To Feb 22
After several hearings from lawyers today, the Supreme Court adjourned the currency policy suits to Wednesday, February 22. We gathered that the state governments of Kaduna, Kogi, and Zamfara had, on February 3rd, dragged the Federal Government to the Supreme Court over the naira redesign policy of the Central Bank of Nigeria (CBN). The states […]
Read More
Entertainment:How Nigerian lady dances with account number in her hand during wedding, tells guests to make transfer
In the viral clip, the lady had a wide, rectangular piece of paper with her account number on it on her hand while she danced. A viral video of a beautiful Nigerian lady dancing with a paper that had a bold inscription of her account number during a wedding that was held recently has stirred […]
Read More
Update:Paul Okoye Questions Senate
Popular Nigerian singer and one of the music duo, P-Square, Paul Okoye, has slammed the Nigerian senate for pretending to be spokemen for the masses regarding the deadline for the old Naira notes. The Senate last Tuesday asked the Central Bank of Nigeria to extend the deadline for the exchange of old naira notes from […]
Read More
Update: extends deadline for collection of old naira notes to Feb 10
The Central Bank of Nigeria (CBN) has extended the deadline for the exchange of old naira notes by 10 days. This was disclosed in a press statement issued today January 29. The CBN governor, Godwin Emefiele, said the new deadline is February 10, 2023. Nigerians had been complaining about the inability to swap their old […]
Read More
Nigeria Banks Reduce New Naira Notes Per Cash Withdrawal
Banks have reduced the volume of new naira notes they dispense to customers per cash withdrawal by about 50 per cent leading to increased anxiety over the January 31st deadline when the old notes will cease to be legal tender. Meanwhile, the Central Bank of Nigeria, CBN, in a bid to protect Nigerians from falling victims […]
Read More