Tag Archives: Central Bank of Nigeria

THE Central Bank of Nigeria has proposed that banks should transfer funds in accounts that have been dormant for up to 10 years into a trust fund account. This is contained in the recently released exposure draft of guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial …

A legal practitioner, Femi Adedeji, has asked the Central Bank of Nigeria to provide proof of its claim that the new naira notes were mopped up by politicians or face litigation. In a letter titled, “Request for information on disbursement of new naira notes to commercial banks” and dated February …

SOME Deposit Money Banks on Saturday opened their branches to customers for the purpose of collecting old N500 and N1,000 notes for deposit into their accounts. This was contrary to the claim by the Central Bank of Nigeria that it did not instruct the banks to continue to collect the …

AS both the new and the old naira notes remain scarce around the country, operators of Point of Sale, popularly known as POS have become the new lords. Newsextra24 reports that with the situation, many people queue endlessly before bank Automated Teller Machines (ATMs), and even fight, even with no …

OPERATORS of Point of Sales (POS) system in Zamfara State have resorted to the collection of 10 per cent of withdrawals in new naira notes following the scarcity of the redesigned denominations of the currency. Aisha Magaji, a bank customer who vented her frustration said: “I paid the sum of …

The Central Bank of Nigeria has extended the deadline for the swapping of old naira notes with the redesigned ones till February 10, 2023. The CBN stated this in a release on Sunday. The apex bank said it added “a 10-day extension of the deadline from January 31, 2023, to …

THE Central Bank of Nigeria (CBN) has warned that hawking of the new naira notes is punishable under the law. Reacting to reports of some persons hawking the notes in Delta a director at the CBN, Mr Sam Okejere, said trading in naira notes  contravenes Section 21 of the CBN …

THE Central Bank of Nigeria has taken the ongoing sensitisation on new naira notes to Shasha Market, in  Akure North Local Government Area of Ondo State as it advised the traders to take their money to the commercial banks. The apex bank reiterated that there was no limit to how …

THE Central Bank of Nigeria may be under pressure to extend the deadline for old naira notes to cease being legal tender as bankers and customers push for the extension. The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new …

THE Central Bank of Nigeria has ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again. Instead, the apex bank directed the banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of …