Connect with us

Nigeria News

Naira Scarcity: Latest CBN News, Update On Naira Notes For Feb. 18, 2023




Naira Appreciates By 0.66% After Emefiele's Suspension

As the controversy associated with the new naira notes rages on, Naija News brings you the latest update on the controversial policy of the Central Bank of Nigeria (CBN).

Naira Scarcity: The Order Is Not From Us – CBN Gives Fresh Update On N1000 And N500 Notes

The Central Bank of Nigeria (CBN) has said that report claiming that it directed commercial banks to collect old N500 and N1,000 notes is false.

The Director, Corporate Communication of the CBN, Osita Nwanisobi stated this while responding to media reports that the apex bank had ordered the commercial banks to collect the old N500 and N1,000 which as per the directive of President Muhammadu Buhari are no longer legal tender.

He stated that the CBN would only re-issue and recirculate the old 200 naira notes which would phase out on April 10.

He warned members of the public to disregard the information while also imploring media practitioners to verify information from sources before publishing news articles.

He said: “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages, quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 banknotes.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, the CBN has been directed to ONLY re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10.

“Members of the public should, therefore, disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.”

CBN Governor, Emefiele Reveals Agenda Of Naira Policy

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has revealed the agenda of the apex bank with the naira policy.

Emefiele on Thursday said the policy was put in place to solve the issue of corruption, illicit financial flow, economy, and insecurity.

Reiterating his stance on the swapping of the old N1,000, N500, and N200 notes whose deadline ended on the 10th of February, 2023, Emefiele said it will be well, despite the challenges in the country.

Emefiele stated this on Thursday during a chat with Channels Television.

Naira Swap: CBN Rejects Customers With Less Than ₦‎500,000

The Kogi State branch of the Central Bank of Nigeria (CBN) on Friday declared that it would not attend to customers who stormed its office with less than ₦500,000 for the cash swap process.

According to the Kogi Branch controller, Ahmed Sule, such customers should visit their banks to carry out the transaction.

Naija News understands he also added that no cash would be given to either the customers at the CBN office or those redirected to their respective banks.

Sule explained that the value of the old notes would be credited to the owners’ accounts

According to the Tribune, customers with less than ₦500,000 who visited the Hassan Katsina road, zone 8 location of the CBN in Lokoja on Friday were turned back and advised to visit their respective banks.

Get New DJ Mixes

The Branch controller said customers with ₦500,000 and above should visit the CBN website, download the form, fill it and submit it at their office while those with less than ₦500,000 should also download the form but take it to their respective commercial banks for processing.

close button