By Emmanuel Egobiambu, Channels Television The Central Bank of Nigeria (CBN) says it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024. This is according to a Friday circular by the apex bank which instructed banks to place a “Post no Debit” restriction – which prevents customers
By Emmanuel Egobiambu, Channels Television The Central Bank of Nigeria (CBN) says the old N200, N500, and N1,000 notes are to remain legal tender indefinitely. While new currency notes were introduced last year with the old ones set to cease as legal tender, the apex bank on Tuesday extended “the legal tender status deadline of
By Abiodun Alade, Daily Post The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The CBN has also directed all commercial banks to open for operation on Saturdays
By Bridget Edokwe, BarristerNG Due to the recent hiccups experienced by bank customers and their inability to use mobile apps and other digital touchpoints, Nigerians have begun the search for alternatives as fintech firms have taken over the ecosystem and provided better experiences. These licensed mobile operators have provided relief to many Nigerians at the
By Nwuese Igonor, AIT Commercial banks have been directed by the Central Bank of Nigeria to dispense old currency notes and to also receive the same as deposits from customers. Tellers at commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company
By Ogar Monday On October 26, 2022, Nigeria’s financial regulatory agency, the Central Bank of Nigeria, CBN, announced that it intends to withdraw and redesign the country’s N200, N500, and N1000 notes. Godwin Emefiele, the CBN Governor, revealed that the redesign and recall of the old note was, amongst other things, an effort to mop
By Faith Abiodun Uwaifo, The Nation Newspaper Since the implementation of the cash swap policy of the Central Bank of Nigeria(CBN) on February 10, Nigerians have been going through hell to transact and fulfill daily obligations. Protests and riots have been recorded in many cities and towns over the scarcity. Here are five ways to
By Kayode Oyero, Channels Television Ten States have asked the Supreme Court to set aside the pronouncement of President Muhammadu Buhari banning old N500 and N1,000 notes. The governors, in Suit No SC/CV/162/2023, filed on Friday by their counsel, A.J. Owonikoko (SAN), wants the apex court to declare the President’s directives in his Thursday’s broadcast