The Central Bank of Nigeria Governor, Godwin Emefiele has explained the features of the redesigned notes. Emefiele told State House Correspondents that it was in line with global best practices, noting that it was mandatory for the naira to be redesigned and re-issued every five to eight years. According to him, it is regrettable that […]
CBN Governor Emefiele Explains Features Of New Naira Notes Read More »
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that the Central BANK will restrict the amount of money individuals can redraw from their account. According to GREENBARGE REPORTERS, he said, “We will restrict the volume of cash that people can withdraw over the counter. “If you need to withdraw large
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The Central Bank of Nigeria plans to reduce the number of N500 and N1000 notes in circulation to curb inflation. The governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed this during the Monetary Policy Committee meeting o November 22, 2022. Plans to introduce lower denomination underway The CBN helmsman was responding to questions
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The Central Bank of Nigeria (CBN) recently gave Nigerians less than 100 days to ‘dispose’ of the old banknotes in their possession following the announcement of the redesign of the N1000, N500, and N200 naira notes. Although the monetary policy aims to reduce the amount of money outside of the banking system and rein in inflation, the
Mind-blowing consequences of CBN’s new naira Read More »
In response to the Central Bank of Nigeria‘s (CBN) plan to redesign and issue new naira notes from December 15, Access Bank has urged its customers to make use of its alternative channels to deposit their existing naira notes in order to beat the rush pending the circulation of new ones. In a message to customers
Naira redesign: Access bank provides alternative channel for cash deposits Read More »
Central Bank of Nigeria (CBN) has directed that individuals can only deposit N5million for new accounts and N50million for old accounts in one month. CBN Director of Currency, Ahmed B. Umar,who issued the directive said that individuals will not be allowed to deposit more than N5 million if the transaction involves a new account in
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