Central Bank of Nigeria Archives

Nigeria’s Money Supply Soars to N66.4 Trillion in September 2023

Abdulrahman1 / 1 month
0
1 min read

Nigeria’s Money Supply Soars to N66.4 Trillion in September 2023 Data from the Central Bank of Nigeria reveals Nigeria’s total money supply (M2) rose to N66.4 trillion in September 2023. The money supply, identified as M2, captures the total amount of money available in the economy at a particular moment. This includes physical currency such […]

President Tinubu Commits to Clearing $3 Billion FX Contracts Backlog in Nigeria

Abdulrahman1 / 2 months
0
1 min read

President Tinubu Commits to Clearing $3 Billion FX Contracts Backlog in Nigeria President Bola Tinubu has vowed to clear a gaping foreign exchange future contracts backlog which has drained investor confidence in the country’s bold FX reforms. The Central Bank of Nigeria (CBN) sold what is called forward contracts to several Nigerian businesses with the […]

CBN Revokes Licences of 132 Microfinance Banks, Others

Abdulrahman1 / 7 months
0
2 min read

CBN Revokes Licences of 132 Microfinance Banks, Others The Central Bank of Nigeria (CBN) has announced revocation the licences of 132 Microfinance Banks, three Finance Companies and four Primary Mortgage Banks across the country. The revocation is contained in a gazetted circular signed by the CBN Governor, Mr Godwin Emefiele, in Abuja. According to Emefiele, […]

Finally, CBN Approves Old Notes as Legal Tender

Abdulrahman1 / 9 months
0
1 min read

Finally, CBN Approves Old Notes as Legal Tender By Alabidun Shuaib AbdulRahman The Central Bank of Nigeria, CBN, has stated that the old N200, N500, and N1,000 banknotes will remain legal tender until December 31, in compliance with the Supreme Court’s March 3 ruling. Isa AbdulMumin, CBN’s Acting Director, Corporate Communications, explained that this is […]

CBN Approves Recirculation of Old Naira Notes

Abdulrahman1 / 9 months
0
2 min read

CBN Approves Recirculation of Old Naira Notes The Central Bank of Nigeria, CBN, has approved the recirculation of old naira notes to customers via automated teller machines (ATMs) and over-the-counter by commercial banks. The decision is in compliance with the directive of the supreme court, which extended the validity period of the old notes until […]

BREAKING: Supreme Court Orders Both Old, New Naira Notes to Circulate Till Dec 31

Abdulrahman1 / 9 months
0
1 min read

BREAKING: Supreme Court Orders Both Old, New Naira Notes to Circulate Till Dec 31 In a landmark ruling on Friday, the Supreme Court has directed the Central Bank of Nigeria to allow the old and new naira notes to circulate side by side until December 31, 2023. The court declared null and void all directives […]

How to Deposit Your Old Naira Notes — CBN

Abdulrahman1 / 10 months
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2 min read

How to Deposit Your Old Naira Notes — CBN The Central Bank of Nigeria (CBN) has issued guidelines for depositing old versions of the redesigned naira notes at its branches across the country. The apex bank announced on Tuesday that the exercise will take place between February 15 and 17. In its announcement, the CBN […]

Old Naira Notes no Longer Legal Tender — CBN

Abdulrahman1 / 10 months
0
3 min read

Old Naira Notes no Longer Legal Tender — CBN By Alabidun Shuaib AbdulRahman The Central Bank of Nigeria (CBN) announced that the old N200, N500, and N1000 notes are no longer legal tender since February 10, 2023. The CBN had originally set a deadline of January 31, but extended it after pressure from Nigerians. However, […]

New Naira: Four Things to Know About Supreme Court Judgement

Abdulrahman1 / 10 months
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1 min read

New Naira: Four Things to Know About Supreme Court Judgement The Supreme Court on Wednesday suspended the February 10 deadline for the swap of old naira notes with new ones given by the Central Bank of Nigeria. The CBN had moved the deadline earlier set for the expiration of the legal tender status of the […]

Amidst Scarcity, CBN Orders Over-the-counter Payment of New Naira Notes

Abdulrahman1 / 10 months
0
1 min read

Amidst Scarcity, CBN Orders Over-the-counter Payment of New Naira Notes The Central Bank of Nigeria has directed commercial banks to begin the payment of the new naira notes to customers over the counter. A statement by the Bank’s Director, Corporate Communications, Osita Nwanisobi said it is part of moves to ameliorate the plight of Nigerians […]

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