Latest CBN News On New Naira Notes Today, 20th February 2023 can be accessed below.
Following the Naira Scarcity in Nigeria, GoldenNewsNg has compiled the latest news on new Naira notes for today. This means the latest updates on the Naira scarcity in Nigeria can be accessed on this page.
Is CBN Still Collecting Old Naira Notes? See Answer
Is CBN Still Collecting Old Naira Notes? Yes! As at the time of filling this report, the Central Bank of Nigeria is still accepting the old Naira note but you must first enroll it on the cash return portal provided for that purpose.
Visit the CBN Portal to register your old naira note and deposit today at CBN Cash Retun Portal ?
Old Notes: Confusion, as banks carry out CBN directive
Open branches weekend, expect clearer directive todaylPoS operators ignore CBN warning on selling banknoteslExperts in divergent view on implementation, impact
The banking industry was in disarray over implementation of the directives of the Central Bank of Nigeria, CBN, on the collection of the old bank notes in the denominations of N500 and N1,000 during the weekend.
The apex bank was said to have directed the banks to collect the old banknotes which it had declared non-legal tender with effect from February 10,2023, prompting the banks to not only issue mails to customers to come and deposit their old notes but actually began to collect the old notes. The commercial banks also sent out emails to their customers on Friday, re-opening their branches last Saturday after suspending weekend banking previous weekend with the deadline of old notes acceptance.
However, with a statement from the CBN late Friday denying the alleged directive to collect old notes, some of the banks suspended the collection of old notes while others did. Also some of the banks failed to re-open while a few did.
Meanwhile, despite President Muhammadu Buhari’s directive that the CBN should re-circulate the old N200 notes, the operators in the financial system weekend indicated that the situation will persist throughout this week into next two weeks, and may only begin to ease after the elections.
Again, protest rocks Ogun over naira scarcity, banks burnt
Again, protest has erupted in Ogun State over the naira scarcity, with videos online showing two banks set on fire in the Sagamu area of the state.
The videos shared on Monday showed many residents watching as Keystone and Union banks were set ablaze with some youths holding planks in protest.
On Friday last week, Newsone Nigeria had reported how protest erupted in the Mowe-Ibafo area of Ogun State, with many residents blocking the Lagos-Ibadan Expressway in protest of the woes and hardship caused by the lingering scarcity of the naira.
Reacting to the development, a Twitter user, @arranowanna wrote, “Kindly advise your friends, families and acquaintances to avoid any protests. Take your frustration to the ballots on Saturday. Don’t burn banks, don’t burn petrol stations, don’t burn government properties.”
Another user, @morningstar_305 wrote, “I just put a call through to the house and it was confirmed to me that keystone bank and union bank at ijoku has been set ablaze by angry citizens.”
While popular tweep, Pooja, wrote, “If you are in Sagamu, be careful cos there is a protest on new naira notes.”
Atiku backtracks, says CBN naira redesign policy hurting ordinary citizens
Atiku Abubakar, A presidential candidate of the Peoples Democratic Party (PDP), has appealed to the Central Bank of Nigeria (CBN) to allow commercial banks to accept deposits of the old naira notes.
Over two weeks ago, Atiku backed the currency redesign policy, advising the apex bank not to extend the February 10 deadline for the demonetization of the old naira notes.
The former vice-president also said any further extension would destroy the purpose and objective of the policy
Naira redesign: Sowore knocks Atiku over U-turn, says ex-VP ‘opportunistic’
The presidential candidate of the African Action Congress, Omoyele Sowore, has knocked the presidential candidate of the Peoples Democratic Party, Atiku Abubakar, over his (Atiku’s) stance on the naira crisis ravaging the country.
Sowore said Atiku was an opportunist who thought he could capitalise on the “poverty-inducing” naira redesign policy to win the presidential election.
The publisher of Sahara Reporters stated this in a tweet posted to his Twitter handle on Monday morning.
Sowore alleged that the naira redesign policy was “fraud” targeted at hurting “poor Nigerians.”
“Opportunistic @atiku thought he could capitalise on the poverty-inducing Naira Design to win election. Any real leader would have known that ‘naira design’ fraud was gonna hurt poor Nigerians. The reason I keep saying there is no difference. He’s coming to sell everything,” Sowore tweeted.
Naira crisis: Banks shun CBN directive, collect old N1,000, N500
Some Deposit Money Banks on Saturday opened their branches to customers for the purpose of collecting old N500 and N1,000 notes for deposit into their accounts.
This was contrary to the claim by the Central Bank of Nigeria that it did not instruct the banks to continue to collect the old notes from depositors.
On Friday, GoldenNewsNgreported that the CBN had ordered banks to start collecting the old N500 and N1,000 notes from members of the public and pegged the maximum amount they could collect from individuals at N500,000.
The CBN swiftly issued a counter statement signed by the Director, Corporate Communications, Osita Nwanisobi, saying it did not give such a directive.
CIBN Sues for Calm, Says It’s Working With Bank CEOs to Address Challenges
The Chartered Institute of Bankers of Nigeria (CIBN) yesterday said it was working with the Body of Banks’ Chief Executives to address the current challenges in the naira redesign policy and appealed to the general public to remain calm and eschew any act of violence.
This is coming as the Inspector-General of Police, Usman Baba has warned groups and individuals against divisive comments and utterances over the new naira policy.
In a statement signed by its President/Chairman of Council, Mr. Ken Opara, CIBN stated that the banking industry remained resolute and committed to addressing all the challenges, promising that the banks would continue to remain open to serve the public “as long as it is safe to do so”.
According to him, the safety and security of the staff of banks are of paramount importance, “Hence, where there is a security challenge, the management of banks have been empowered to take proactive measures to close operations in such locations and inform the Central Bank of Nigeria,” Opara said.
He said the safety concerns being expressed in various quarters were already being addressed.
Kano State Governor Vows to Destroy Banks Refusing Old Naira Notes
Kano State Governor, Abdullahi Umar Ganduje, has issued a stern warning to commercial banks operating in the state, threatening to destroy any bank that refuses to accept the old N500 and N1,000 notes.
The governor gave the word of caution on Friday during his inspection of palliatives meant for distribution to the citizens to cushion the effects of the hardship caused by the cashless policy.
“Any bank that refuses to accept old five hundred and one thousand Naira notes will be destroyed. We will not tolerate such disobedience from any financial institution operating within our jurisdiction,” he stated.
Governor Ganduje further disclosed that the space of the destroyed banks would be used for building schools, “We will convert the space of the destroyed banks into schools that will provide quality education for our children.”
