Tag: Notes

Old naira notes are still legal tender – Supreme Court

The Supreme Court has said its February 8 order, suspending the ban on the use of old 200, 500, and 1000 Naira notes are still valid.

It will be recalled that the Supreme court suspended the implementation of the February 10 deadline by the CBN on the 8th of February. The court made the clarification on Wednesday, February 15, shortly after adjourning a suit filed by some state governments to challenge the naira redesign policy of the Central Bank of Nigeria, CBN. The Supreme Court adjourned the case till Wednesday, February 22 for a hearing of the consolidated suits by 10 states including Kogi, Kaduna, and Zamfara States, among others. It will be recalled that CBN on Tuesday, February 14, said the old 200, 500, and 1000 naira notes are no longer legal tender in the country since Friday, February 10, 2023, despite the Supreme Court .

Two dead as protesters rock Edo over scarcity of new Naira notes

At least two persons were reportedly shot dead during protests over the scarcity of new Naira notes in Benin City, Edo State. The protests which later turned deadly took place on the morning of Wednesday, February 15. It was gathered that hundreds of residents dropped out in different parts of the city to stage protests as they lament the current hardship that they have been subjected to following the Naira redesign policy. The protest, however, turned bloody after security operatives reportedly opened fire on protesters, killing at least two on the spot. According to reports, one of the deceased protesters was shot at the central part of Ring Road, while the other was shot at the New Benin area of the state.

dead Edo naira Notes protesters Rock scarcity

Old naira notes are no longer legal tender

The old N200, N500, and N1000 notes ceased to be legal tender on February 10, 2023, the Central Bank of Nigeria, CBN has declared. This development trails the ruling of the Supreme Court in Abuja that banned CBN from implementing the February 10 expiration date for the old notes. CBN’s branch controller in Bauchi, Haladu Idris Andaza disclosed this to newsmen on Monday, February 13. According to DailyTrust, he said, “For the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the bank and deposit which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month. The management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the federation including FCT to deposit their money. The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange. By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”

legal longer naira Notes Tender

Simisola Gold remanded in prison for tampering with Naira notes

Actress Simisola Gold, whose real name is Oluwadarasimi Omoseyin, has been remanded at Kirikiri prison by a Federal High Court in Ikoyi, Lagos.

On Monday, February 13th, she was detained pending the outcome of her bail request, facing allegations of tampering with Naira currency notes. She was brought before Judge Chukwujekwu Aneke and charged with two counts by the Economic and Financial Crimes Commission (EFCC). One of the counts reads, “that you Oluwadarasimi Omoseyin on the 28th day of January, 2023 at Monarch event center, Lekki within the jurisdiction of this Honourable Court whilst dancing during a social occasion tampered with the sum of N100,000.00 issued by the Central Bank of Nigeria by spraying same in the said occasion and you thereby committed an offence contrary to and punishable under section 21 (1) of the Central Bank Act, 2007.” The second reads, “that you Oluwadarasimi Omoseyin on the 28th day of January, 2023 at Monarch event center, Lekki within the jurisdiction of this Honourable Court whilst dancing during a social occasion tampered with the sum of N100, 000.00 issued by the Central Bank of Nigeria by dancing on same in the said occasion and you thereby committed an offence contrary to and punishable under section 21 (1) of the Central Bank Act, 2007.” The defendant pleaded not guilty and as a result, the prosecution counsel, S.I Sulaiman, requested a trial date and requested that the defendant is remanded in Kirikiri prison. Judge Aneke postponed the decision on the bail request until Wednesday, February 15, 2023 and ordered the defendant to be held at Kirikiri correctional facility.

Gold naira Notes Prison Remanded simisola tampering

Customers lament as bank hands out coins amidst Naira notes scarcity (Video)

Amidst the increased scarcity of Naira notes, a bank reportedly hands out coins to customers as an alternative means for redesigned notes.

This comes amidst allegations that the Central Bank of Nigeria (CBN) has a shortage of resources to print more Naira notes. This triggered an open letter from APC presidential candidate, Tinubu to CBN’s governor, Emefiele. A video making the rounds on social media captured the moment a bank handed out coins to customers. A bag of labelled 1000 pieces of N2 coins is seen in the video as the customer lamented.

“What is this?” a customer lamented in Yoruba while being told a bag of coins contained an equivalence of N2K. The development triggered reactions from Nigerians who find it ridiculous while others made fun of the weight, and others. @fortunista_by_ivy wrote, “Next thing people will start betraying people for a bag of 2 naira coins 😂😂! One step forward 2023 years back.” Another user @hon_francis01 who had a contrary opinion wrote, “This will really improve Nigerian economy because like most of the things that is supposed to be sold out for like #7 but due to they didn’t longer use #1,#2 they will just move it to #10 so that’s why things are really expensive, with the help of this things will be getting better little by little.” Watch the video below …

Bank coins customers hands lament naira Notes scarcity Video

“Useless decision maker” — Aremu Afolayan calls for Emefiele’s arrest amidst shortage of resources to print Naira notes

Veteran Nollywood actor, Aremu Afolayan calls for the arrest of the CBN governor, Godwin Emefiele as he laments the hardship faced by Nigerians amidst scarcity of Naira notes.

This comes after the the CBN reported shortage of resources to print more money despite the new Naira design that triggered scarcity. “As it is now, the CBN may have little or no choice but to contract the printing of the new N1,000, N500 and N200 notes to foreign contractors in order to make the new notes go round the country quickly and save the nation the embarrassment caused by the current scarcity and its attendant consequences,” a former top official of the CBN, said to Saturday PUNCH anonymously in a report. In a short video, Aremu Afolayan insited on the arrest of the CBN governor, Godwin Emefiele for making a premature decision that threw the country in jeopardy.

“Emefiele or what’s your name, you’re a useless decision maker; I’ve never seen you work at the Central Bank; you have been nothing. You said you don’t have enough paper to print the new note and you put so much pressure. You should be arrested and jailed for the people that has died for this cause,” he said in part. Watch the video below …

AFOLAYAN AREMU Arrest calls decision Emefieles maker naira Notes Print resources shortage useless

Supreme court stops CBN from withdrawing old Naira notes

News coming says that the Supreme court has temporarily stopped the Central Bank of Nigeria from withdrawing the old Naira notes. According to reports, the apex court delivered the ruling in a suit filed by Governors Nasir El-Rufai, Yahaya Bello, and Bello Matawalle of Kaduna, Kogi, and Zamfara respectively. The three Governors; Nasir El-Rufai, Yahaya Bello, and Bello Matawalle sort a temporal court order to stop the ruling government and the Central Bank of Nigeria from continuing the implementation of the Naira redesign policy. The Governors argued to the court that the demonetization policy of the regime is in violation of the extant provisions of the Central Bank of Nigeria Act, 2007, the Nigerian Constitution. The Governors also requested the bank to declare sufficient notice for the use of the older versions of the naira notes, adding that it is a violation of Section 20(3) of the CBN Act 2007 to make denominations lose their legal tender status. The Governors also requested the court using Section 20(3) of the CBN Act 2007 to point out that the federal government, acting through the CBN, lacks the authority to set a deadline for accepting and redeeming banknotes issued by the Bank.

CBN Court naira Notes stops Supreme withdrawing

Guests receive new naira notes, tubers of yam at event (Photos)

Guests at a recent occasion in Port Harcourt were reportedly given new naira notes and two tubers of yam each. In the photos making the rounds online, the chairs at the venue were carefully arranged and two tubers of yam together with new naira notes were spotted on the chairs.

This is happening amid the naira scarcity and struggles Nigerians have been facing since the release of the newly designed naira notes. Reacting to this, @nwabundo51 wrote: “They created this chaos so that they can easily learn the people with this cuz they know that a lot of people are hungry”

@Enoredia said: “Wow I thought they turned people to yam 😂.” @prince_chinedu_stephen wrote: “What’s happening here??? don’t tell me if politicians hand work.”

Event guests naira Notes Photos receive tubers yam

Bank manager arrested for hoarding new Naira notes in Abuja

A bank manager has been arrested by the EFCC for allegedly refusing to load the bank’s ATMs, despite having the new Naira notes.

According to the EFCC, the bank manager had N29 million of the new Naira notes in the bank’s vault but refused to do the needful. The manager’s arrest was made on Monday, February 6, 2023, in Abuja. EFCC noted: “Before he was whisked away for further questioning, the operatives ordered the loading of all the ATMs and the payment of the stipulated amount across the counter to the delight of the distraught customers who had spent hours on queues without getting the new notes. This discovery, which indicates a sabotage of the government’s monetary policy by some banks, was made by the EFCC in continuation of the ongoing surveillance and visit to banks across the country to access their vaults and verify whether they were deliberately refusing to dispense the redesigned Naira notes. More than five bank branches were covered today by the operatives in Abuja. Similar exercises were ongoing in Zonal Commands across the country.“

Abuja arrested Bank hoarding manager naira Notes

Bank accosted for hoarding N6M new notes in Ado Ekiti (Video)

The Central Bank of Nigeria, CBN enforcement team accosts a bank branch in Ado Ekiti hoarding the new naira notes to the tune of N6M. A video shared by a media strategist, Deji Adesogan, on Twitter captured the enforcement agency of CBN questioning a bank on why they have new notes yet to be disbursed. The bank claimed that their ATMs were yet to be configured / faulty for over two weeks, hence the reason for the hoarding. “JUST IN: The CBN Enforcement Team bursted Sterling Bank branch along bank road in Ado-Ekiti for receiving & hoarding N6Million New Naira Notes, excuse is ATMs been faulty for 2weeks. I think more monitoring team in the field will do the needful against saboteurs,” the statements read. Watch the video below …

accosted Ado Bank EKITI hoarding N6m Notes Video