Central Bank of Nigeria

President Muhammadu Buhari has addressed Nigerians on the issue of currency swap policy of the Central Bank of Nigeria, CBN, which has hindered economic ...

I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks. Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made. I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. I similarly consulted widely with representatives of the State Governors as well as the Council of State. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation; All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022.

Nigeria's President Muhammadu Buhari on Thursday gave approval to the central bank to extend the deadline to turn in old banknotes by another 60 days after ...

South Africa's headline consumer inflation slowed to 6.9% year on year in January from 7.2% in December, statistics agency data showed on Wednesday, in line with analysts' forecasts. All the news you need to start your day. (This includes the Reuters Weekend Briefing.)

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 ...

I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation; I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times. In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. The President lamented that the currency in circulation grew from N1.4 trillion in 2015 when he assumed office to N3.23 trillion at the end of 2022. “The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022.

A week-long cash crisis in Nigeria triggered protests by frustrated citizens in major towns.

But some state governments took the central bank to court, seeking to suspend the policy and allow Nigerians to use both the old and new notes until the banks were able to provide enough cash. The central bank said the policy was aimed at mopping up excess and counterfeit naira from the system as well as discouraging cash ransom payments to kidnappers and bandits. Nigeria has been struggling with a physical cash shortage since the Central Bank of Nigeria (CBN) began to swap old bills of the local Naira currency for new and re-designed ones, leading to a shortfall in banknotes.

The Central Bank of Nigeria (CBN) has renewed Cellulant's Payment Service Solution Provider License in Nigeria.

[Read more](https://ffnews.com/newsarticle/mastercard-trust-centre-partners-with-nigerian-fintech-startup-nownow-to-improve-cybersecurity-for-smes/) [Read more](https://ffnews.com/newsarticle/nokia-and-tele2-to-offer-private-wireless-to-enterprises-in-sweden/) We have invested heavily in robust security measures and compliance processes to ensure our customers can confidently use our services. Cellulant’s digital payments platform, Tingg (www.Tingg.Africa)- enables businesses to seamlessly accept and make payments offline and online. Tingg is now used by thousands of businesses and outlets in the 36 states across Nigeria, enabling businesses to easily collect and make payments, monitor transactions, reconcile and settle cash seamlessly,” said Akshay Grover, Cellulant’s Group CEO. This license enables Cellulant (www.Cellulant.io) to continue providing online and offline payment solutions, including collections, check-out, biller aggregation, and payout services securely to thousands of businesses across Nigeria.

NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION ...

I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks. Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times. I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. I similarly consulted widely with representatives of the State Governors as well as the Council of State. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;