‘No plans to phase out redesigned Naira notes’ – CBN

The Central Bank of Nigeria (CBN) said no plans to phase out the redesigned Naira notes from circulation. CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin, made this known in a statement in Abuja yesterday. The statement was a reaction to viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned N1,000 N500 and N200 currency banknotes from circulation. “We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.…

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CBN takes custody of dormant account funds from banks

The Central Bank of Nigeria (CBN) has said that accounts that remain dormant will be moved to its “Unclaimed Balances Trust Fund Pool Account”. To this effect, the apex bank has released an exposure draft of guidelines for the management of dormant accounts, unclaimed balances and other financial assets in banks and other financial institutions in Nigeria. The draft guidelines are being issued in response to requests from banks and other stakeholders for further clarification on the procedures for managing dormant and inactive accounts. The guidelines mandate that the CBN…

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‘Emefiele not involved in Lagos State politics’ – CBN

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 debunks statement on N500, N1, 000 notes

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

… 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

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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‘Why Buhari approved old naira deadline extension’ — Emefiele

President Muhammadu Buhari, yesterday, in Daura, Katsina State, approved the Central Bank of Nigeria (CBN)’s request to extend the deadline for swapping old naira notes with the redesigned notes from January 31, 2023, to February 10, 2023. Buhari also approved a seven-day grace period, which runs from February 10 to February 17, to allow Nigerians to deposit their old notes at the CBN after which the old notes cease to be legal tender. The CBN governor, Godwin Emefiele, disclosed these to State House correspondents shortly after he met the President…

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‘Why POS agents are needed in CBN’s cashless policy’ – Emefiele

The Governor of Central Bank of Nigeria, (CBN), Godwin Emefiele, has explained why Point of Sale (PoS) agents are needed in the cashless policy of the apex bank. Emefiele said the POS agents are needed because it was important to ensure that the people at the hinterlands where there may not be financial institutions are given access to financial services. The CBN governor said the quickest financial service would be the POS at the rural communities. The apex bank’s Deputy Governor, the Financial System Stability, A’isha Ahmed, who represented Emefiele stated…

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SPECIAL REPORT: CBN’s Naira Redesign: Scrutinising the raging debates

Aminu Imam The Central Bank of Nigeria (CBN) last month announced out-of-the-blue that it will redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1, 000 levels. According to the CBN governor, Godwin Emefiele, the management of the apex bank sought and obtained the approval of President Muhammadu Buhari for the initiative. He said the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender. Emefiele noted that significant hoarding of…

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Planned New Naira Notes: Finance Minister disagrees with CBN over currency redesigning

…Warns of consequences Two days after the Central Bank of Nigeria (CBN) announced a planned redesign of the naira the minister of Finance, Budget and National Planning, Zainab Ahmad, has rejected the idea, warning that it will have a devastating effect on the economy. Zainab, who totally disowned the policy during budget defence at the Senate, said there would be severe consequences. Recall that the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on Wednesday announced the introduction of newly designed notes of N200, N500 and N1, 000, which he…

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