RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

CBN orders banks to receive, dispense old naira notes

Rate Captain by Rate Captain
March 14, 2023
in Business
Reading Time: 1 min read
A A
0
NSCDC raises concerns over circulation of fake notes.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Central Bank of Nigeria has directed commercial banks to dispense and receive old naira notes as legal tender across the country.

The CBN gave the directive at a Bankers’ Committee meeting held on Sunday, according to a statement by the acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday.

AlsoRead

NGX strategises to reduce N180 billion unclaimed dividends.

NPA lauds union over workers’ salary increase.

Naira scarcity: N20trn lost to reduction in economic activities, says CPPE

This is coming hours after the Presidency Monday evening said the CBN had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy.

It stated that the President, Major General Muhammadu Buhari (retd.), did not instruct the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.”

But the apex bank in a statement titled, “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN’, said the directive was in compliance with Buhari’s administration obedience to court orders.

The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
Consequently, all concerned are directed to conform accordingly.”

Previous Post

CBN debunks alleged plot against Tinubu

Next Post

Naira scarcity: N20trn lost to reduction in economic activities, says CPPE

Related News

NGX Appoints an Advisory Panel on Digital Technology Products.

NGX strategises to reduce N180 billion unclaimed dividends.

by Rate Captain
March 20, 2023
0

Efforts by the Securities and Exchange Commission (SEC) to tackle rising unclaimed dividends in the nation’s capital market have continued...

NPA lauds union over workers’ salary increase.

NPA lauds union over workers’ salary increase.

by Rate Captain
March 14, 2023
0

The Nigerian Ports Authority (NPA) recently announced an increase in salary for its members of staff. This increase has come...

Confusion deepens as the uncertainty of the old naira deadline persists.

Naira scarcity: N20trn lost to reduction in economic activities, says CPPE

by Rate Captain
March 14, 2023
0

The Centre for the Promotion of Private Enterprise (CPPE) says the Nigerian economy has lost an estimated N20 trillion to...

13 days to the expiration of old naira, scarcity of the new notes persists.

Nigerians are facing challenges spending old Naira

by Rate Captain
March 13, 2023
0

Old Naira notes that Nigerians collected from commercial banks are becoming difficult to spend because so many people still refuse...

Next Post
Confusion deepens as the uncertainty of the old naira deadline persists.

Naira scarcity: N20trn lost to reduction in economic activities, says CPPE

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

CBN governor blames insecurity and high transport costs for the hike in food inflation.

March 22, 2023
CBN governor hails fintech companies for efficiency in online transactions.

CBN governor hails fintech companies for efficiency in online transactions.

March 22, 2023

Popular Story

  • Access Bank cuts PTA and BTA to $2,000 per application.

    Access Bank cuts PTA and BTA to $2,000 per application.

    0 shares
    Share 0 Tweet 0
  • Naira remains stable at N754/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • Naira appreciates to N765/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • CBN governor hails fintech companies for efficiency in online transactions.

    0 shares
    Share 0 Tweet 0
  • Naira remains stable at N745/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>