Latest news on new naira notes

2023 - 2 - 13

nigeria naira notes

Post cover — Image courtesy of "Daily Sun"

Confusion as banks, retail outlets reject old naira notes in Lagos ... (Daily Sun)

•Hospitals, IBEDC reject currency in Osun. By Chinwendu Obienyi, and Lateef Dada, Osogbo. Residents of Lagos and Ogun states were left stunned yesterday as ...

There is no official communication to collect the old note from customers,” the source added. Findings revealed that residents are still struggling to get the new notes as Automated Teller Machines (ATMs) in some banks were not dispensing money. The CBN also has been silent on this matter and this has led to the present confusion across the country. “Maybe they (CBN) need to go back to their strategy table and come up with another solution because I doubt this judgement by the Supreme Court. Balkis Azeez, a bank customer who spoke to Daily Sun, said she could not deposit her N50,000 because her bank rejected the old notes. I do not even know what to do at this point”, she said.

Banks reject old naira notes as queues persist at ATMs (Vanguard)

In spite of the Supreme Court order extending the deadline for the old naira notes till Wednesday this week, banks yesterday stopped accepting the notes ...

The way the situation of cash is in this country, people will end up begging for survival despite having money in the bank.” She told Vanguard that when she asked the security men in police uniform whether they would open, they told her to visit another branch of her bank because some branches have been shut down till further notice. I have tried sourcing for cash from most of my suppliers who give me cash in exchange for a low service fee, all to no avail. A tier-1 bank official who spoke to Vanguard on condition of anonymity said: “We are not accepting the old notes in our branches. This is a personal opinion please, not representing the views of the bank(s).” Vanguard investigation revealed that banks yesterday did not accept the old naira notes from customers.

Revealed: Real Reason Petrol Stations, Others Stopped Collecting ... (Legit.ng)

Abubakar Usman, special assistant to the senate president on new media, has alleged that banks wrote to petrol stations to stop collecting old naira notes.

Usman, a chieftain of the All Progressives Congress (APC), said that though the supreme court has temporarily stopped the end of the use of old naira notes and the Taken to his Twitter page, Usman said there was a report of banks written to petrol stations to stop collecting the old notes, adding that this fueled the uncertainty on the expiration of the old naira notes. [Central Bank of Nigeria](https://www.legit.ng/tag/cbn/) had brought more confusion into the polity. [Abuja](https://www.legit.ng/tag/abuja-city-news-today/) - Abubakar Sidiq Usman, the special assistant to the senate president, Ahmed Lawan, on new media, has said that the supreme court injunction on the implementation of the naira redesign policy has left many Nigerians confused. - The APC chieftain alleged that the silence of President Muhammadu Buhari and the CBN fueled the confusion about the legality of the old notes - Abubakar Usman, the special assistant to Ahmed Lawan, the senate president, has alleged that some banks wrote to petrol stations to stop collecting old naira notes

There's Adequate Arrangement to Produce More New Notes in ... (Investors King Ltd)

The Nigerian Security Printing and Minting Company Plc (NSPMC) has assured Nigerians that it is capable of continuously producing the redesigned naira notes ...

Some BDC operators, who wished to remain anonymous, expressed frustration with the current scarcity of new naira notes and its impact on the economy. While the policy to go cashless is a welcome development, it needs time and careful planning to deliver the rewards. “Yes, the naira redesign has not positively impacted the value of the local currency against the greenback as there is a lack of liquidity in the market,” he said via text message. This shortage is due to a policy mandating that all Nigerians exchange their old notes for new ones by February 10th, which aimed to tackle corruption and counterfeiting but has had unintended consequences as many Nigerians have been unable to make the exchange. The development comes amid a lingering naira crisis in the country, and court officials insisted that only new naira notes should be used for payment. As things stand, time is short and the planning has been short of a disaster.” That is why the exchange rate depreciated massively at the time,” the operator explained. It toted that the NSPMC has enough printing materials to produce the required indent of the Nigerian currency. Nigerians demand for the prompt circulation of the new naira notes. Some of our staff still rely on public transportation.” The open indicative rate was also reported to have closed at N461.35 to the dollar on Monday. This increase in trading activity suggests growing confidence in the Nigerian economy among foreign investors.

Traders, transporters accept old naira notes despite deadline (Businessday.ng)

Traders and transporters in Lagos were still accepting the old naira notes on Monday despite expiration of the Feb 10 deadline set CBN.

“We are in constant communication with all the Banks and are assured that they are all doing whatever is within their control to normalise this difficult situation. BusinessDay gathered that there was a circular from the CBN to banks, insisting on compliance to the February 10 deadline. “I will continue to collect the old naira notes until the Supreme Court says otherwise.” “The old designs of N200, N500, and N1,000 will no longer be accepted as legal tender after today 10 February 2023. Nigerian banks are sticking to the February 10, 2023 deadline for the phasing out of high-value naira notes. It cost N700 to withdraw N5,000 (old notes).

Courts reject old naira notes, turn lawyers, litigants back (The Punch)

There was pandemonium on Monday at the high courts in Lagos State as lawyers and litigants were unable to file their court processes using the old naira ...

“Non-acceptance of old notes would be a catastrophe to the nation. Account officers at both the Lagos Island and Ikeja high court registries insisted that new naira notes should be paid by lawyers and litigants, explaining that their attempts to pay old naira notes collected from court users into the government account were denied banks. There was pandemonium on Monday at the high courts in Lagos State as lawyers and litigants were unable to file their court processes using the old naira notes for payment.