Creativity Unleashed
The CBN has proposed that banks transfer funds from accounts that have been dormant for up to 10 years. So, the funds will be transferred to a trust fund account. This statement was recently released in an exposure draft of guidelines. It was on Management of Dormant Accounts, Unclaimed Balances and Other Financial […]
The former Governor of the Central Bank of Nigeria, Muhammed Sanusi, said Nigeria is divided. Also, he stated that the country has never been this divided since the Civil War of 1967–1970. According to him, the country was divided along ethnic and religious lines. Further, this has put the integrity of public institutions in […]
The quality of the old notes has customers and bank workers complaining. The old naira notes reintroduced by the Central Bank of Nigeria are of bad quality. Also, it is noted that the new notes are gradually disappearing. Recently, bank tellers and workers in the bulk room have voiced their apprehension. Since they […]
The Central Bank of Nigeria (CBN) has ordered all commercial banks to be open on weekends. This is truly to ensure the circulation of banknotes of different denominations. The CBN confirmed the evacuation of banknotes from its vaults. The banknotes have been dispatched to various banks in the country. This information was […]
10 days ago, the Supreme Court allowed the use of the old N1000 and N500 until December 31. The CBN governor, Godwin Emefiele, has been silent on the issue since then. Finally, on Monday, he officially ordered commercial banks to comply with the court’s order. Also, he announced that the old notes are legal […]
State governments have given an ultimatum to two top officials. The officials involved are the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Governor of the Central Bank of Nigeria, Godwin Emefiele. Also, the state governments threatened to file contempt charges against them if, until Tuesday, they refused […]
Following the supreme court’s order approving the use of old N1,000, N500, and N200 notes as legal tender for 10 months, till December 31. Banks in the country have begun complying with the order. Last week, the Supreme Court ordered that the old notes be allowed in circulation with the new notes until December […]
Central Bank of Nigeria uncovers ₦4 Million in a bank in Ogun State The Central Bank of Nigeria reported that it has uncovered ₦4 Million new Naira notes mishandled by a commercial bank in Ogun State. The report which was given on Tuesday also reported that the commercial bank sabotaged the efforts of […]
Senate asks the Central Bank of Nigeria (CBN) to move the deadline for the exchange of old Naira Notes to May 31, 2023. Recall that CBN had earlier announced that Naira would seize to be a legal tender as of January 31. However, Senate in December passed a resolution urging the CBN to extend the […]
