Tag Archives: CBN

BREAKING: Deposit of Old Naira Notes to Continue After Deadline — Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele says commercial banks will continue to accept old Naira notes of N200, N500 and N1,000 after the stipulated February 10 deadline. Emefiele spoke when he appeared at an interactive session with the house of representatives ad hoc committee …

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Reps Committee rejects 10-day extension deadline for old naira notes

The Ad hoc Committee of the House of Representatives looking into the recall of old Naira notes has rejected the 10-day extension granted by the Central Bank of Nigeria (CBN). The Governor of the CBN, Godwin Emefiele, earlier announced the extension of the deadline till 10 February from the initial …

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CBN Deadline: Churches, Schools ban Old Naira Note Payment, Offering

Ahead of the January 31 deadline set by the Central Bank of Nigeria for the phasing out of the old N1,000, N500 and N200 notes, some mega-churches, schools and retailers have set time limits for the collection of the old currencies. This came as the lingering shortage of old naira …

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NEW NAIRA NOTES: NLC urges CBN to Revisit Policy, Extend Deadline

The Nigeria Labour Congress (NLC) has urged the Central Bank of Nigeria (CBN) to extend its January 31 deadline to phase out old notes in circulation in the country. The NLC President, Ayuba Wabba said this when speaking with newsmen on Thursday in Abuja on his achievements and challenges as …

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BREAKING: CBN Raises Interest Rate to 17.5%

The Policy-Setting Committee of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate, from 16.5 percent to 17.5 percent to tame rising inflation The CBN Governor, Godwin Emefiele announced this on Tuesday after the apex bank’s Monetary Policy Committee (MPC) meeting in …

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Government Payments beyond Daily Cash Limit to be done Electronically from 1st March.

The Federal Government has served a notice to the three tiers of Government that all payments from the Public Treasury beyond the threshold approved for daily cash limit by the Central Bank of Nigeria must be done electronically with effect from March 1, 2023. Director of NFIU and Chief Executive …

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Emefiele Raises Cash Withdrawal Limits

The Central Bank of Nigeria (CBN) has succumbed to pressure and increased its earlier limit on weekly cash withdrawal for individuals from N100,000 to N500,000 across all channels. According to a circular signed by the Director of Banking Supervision, Haruna Mustafa, corporate entities are also allowed to withdraw as much …

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Senate Asks CBN to Adjust Cash Withdrawal Limit Policy

The Senate on Wednesday, asked the Central Bank of Nigeria, CBN, to “considerably adjust its recent proposed cash withdrawal limit of N100, 000 per week for  individuals and N500, 000 per week for Corporate bodies, in response to public outcry” against the move. The red chamber took the decision after …

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