Tag: CBN

Chris Ngige meets NLC, CBN officials over planned ‘stay-at-home’

Aminu Imam

Minister of Labour and Employment, Senator Chris Ngige, yesterday met with representatives of the Nigeria Labour Congress (NLC) and the Central Bank of Nigeria (CBN), in an effort to prevent the NLC’s planned nationwide picketing of CBN offices over the lack of naira notes. The CBN Governor, Godwin Emefiele, was joined by two Deputy Governors, Kingsley Obiora (Economic Policy) and Ade Shonubi, while the NLC delegation, which consisted of ten people, was led by Comrade Joe Ajaero and Emmanuel Ugboaja (Organised Private Sector). Recall that the Congress threatened to launch…

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Naira Scarcity: CBN jittery, orders banks to open on Saturdays, Sundays

Aminu Imam

…”No going back on picketing its branches nationwide” – NLC The Central Bank of Nigeria (CBN) has directed all commercial banks to open for operation on Saturdays and Sundays, as part of a coordinated effort to ease circulation of Naira of all denominations. This came as the Nigerian Labour Congress (NLC) declared that there is no going back on its decision to picket the CBN by Wednesday. This is as the bank says it has confirmed the evacuation of banknotes from its vaults to commercial banks across the country. The…

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Banks mop-up old notes from CBN to ease cash crunch

Aminu Imam

The Central Bank of Nigeria (CBN) has directed commercial banks to immediately retrieve the old naira notes they deposited in its branches to ease the cash crunch across the country. Recall that the apex bank had mopped up the old N1, 000, N500 and N200 notes in response to the introduction of new ones as part of the cashless policy of the federal government. As the cash crunch takes heavy toll on the citizens and the economy and amid mounting pressure from various stakeholders for the CBN to rethink its…

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‘Emefiele not involved in Lagos State politics’ – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has no involvement in politics, especially as regards the March 18 governorship election in Lagos State, the bank stated yesterday, in Abuja. Its acting Director, Corporate Communications, Mr Isa AbdulMumin, made the declaration in reaction to a newspaper report, titled: “Emefiele launches fresh plot against President-elect, Tinubu’’. According to the newspaper report, Emefiele gave money to a certain candidate in the Lagos State governorship election to spite the president-elect, Sen. Bola Tinubu. However, AbdulMumin said the story is completely false and…

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CBN reacts to Gov. Soludo’s claim on acceptance of old notes

Aminu Imam

The Central Bank of Nigeria, (CBN), has issued a clarification on claims that it’s directed commercial banks to dispense and accept the deposit of old Naira notes amid the raging currency crisis. Acting Director of Corporate Communication CBN, Dr. Isa AbdulMumin, in an interview yesterday, clarified that there is no statement from the apex bank telling commercial banks to dispense and accept the old N500 and N1000 notes from Nigerians. AbdulMumin was reacting to a statement by the Governor of Anambra State, Prof Chukwuma Soludo, claiming the apex bank had…

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CBN debunks statement on N500, N1, 000 notes

Aminu Imam

The Central Bank of Nigeria (CBN) has debunked online reports making rounds, claiming the apex bank has approved the circulation of old naira notes till December 31, 2023. Acting Director Corporate Communications, Isa AbdulMumin, who spoke with newsmen on Wednesday, declared the report as ‘fake news’. The report quoted him as saying he confirmed the development, saying both the old and new notes are legal tender and banks are currently issuing to customers. However, the apex bank’s spokesman urged Nigerians to disregard it and avoid purveyors of ‘fake news’. Some…

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CBN makes U-turn, directs banks to collect old N500, N1, 000 notes

Aminu Imam

… Confusion as customers reject bank’s old Naira notes The Central Bank of Nigeria, (CBN), 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. A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank. A CBN official said, “Go to your bank but fill out the…

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CBN replaces Nwanisobi with Isa AbdulMumin as spokesperson

Aminu Imam

The Central Bank of Nigeria, (CBN) has announced the appointment of Isa AbdulMumin as its Acting Director of Corporate Communications Department. AbdulMumin, a Deputy Director, takes over from Osita Nwanisobi following his retirement from service on Friday. AbdulMumin has been in the Corporate Communications Department of the CBN since he joined the apex bank. Nwanisobi took over from Isaac Okorafor in 2020. Before then, he was a special assistant to the Deputy Governor, Financial System Stability (FSS), between 2009 and 2011.

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CBN denies directing banks to accept old N500, N1,000 notes from customers

Aminu Imam

The Central Bank of Nigeria (CBN) has warned members of the public to disregard fake messages circulating on social media about the authorisation of Deposit Money Banks (DMBs) to collect old N500 and N1,000 banknotes from the public. Reports emerged yesterday, that the apex bank had made a u-turn and directed banks to collect old notes from Nigerians. However, reacting to the report in an issued statement yesterday, by its director of Corporate Communications, Osita Nwanisobi, the apex bank said it never gave such a directive. According to the statement, …

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CBN Cash Swap Policy: El-Rufa’i calls for civil disobedience, tells Nigerians keep spending old Naira

Aminu Imam

Kaduna State Governor, Nasir el-Rufa’i, has called on Nigerians to keep spending the old naira notes, a directive that is in defiance of the Federal Government’s currency swap policy. The Governor made the assertion while speaking with a political audience in the State, urging them to stop thronging banks to swap their old notes or obtain new ones. The Godwin Emefiele-led CBN had said old denominations of the N200, N500 and N1,000 notes would cease to be Nigerian legal tender from February 10 as a major plank of its new…

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