Tag Archive: Nigeria

• Oct-24-2024

  Nigeria – Old notes may become worthless at the end of the year.

  During the 2023 currency crisis the Nigerian Supreme Court ordered the Central Bank of Nigeria to continue accepting the first...

• Nov-2-2023

  Nigeria – No plans to redenominate the naira.

  The Central Bank of Nigeria has issued on 31 October 2023 a Press Release to deny rumors that were circulating...

• Nov-2-2023

  Nigeria – Old notes will continue to circulate. Demonetization reversed.

  According to multiple press reports the Central Bank of Nigeria has decided yesterday 1 November 2023 that the previously withdrawn...

• Mar-28-2023

  Nigeria – Old notes circulate widely; banks increase cash limits and are open on weekends.

  After months of chaos the Central Bank of Nigeria has decided to obey the Supreme Court ruling making old notes...

• Mar-13-2023

  NIGERIA – Central Bank issues Press Release confirming legal tender status of older notes.

  The Central Bank of Nigeria has issued today a Press Release in which it informs that “In compliance with the established...

• Mar-8-2023

  NIGERIA – Current status of naira banknotes.

  This is the current situation in respect to the old naira banknotes of 500 (NGN500.1) and 1,000 naira (1,000.1.)  ...

• Mar-7-2023

  NIGERIA – Silence from the Central Bank.

  Following last week’s ruling of the Supreme Court ordering all older banknotes to remain in circulation until the end of...

• Mar-3-2023

  NIGERIA – Supreme Court orders older banknotes to remain valid until the end of the year.

  The Supreme Court ordered today that the banknotes of the previous family will retain legal tender status until the end...

• Feb-20-2023

  Nigeria – Chaos in currency situation.

  With Presidential elections slated for this weekend these are some of the things that happened in the last few days...

• Feb-18-2023

  Nigeria – Council of State advises Central Bank to print more new notes or recirculate the old ones.

  The National Council of States, an organ of the Nigerian Government which has no executive power, but advises on policy...

• Feb-18-2023

  Nigeria – Central Bank opens portal for the redemption of old 500 and 1,000 naira banknotes.

  The Central Bank of Nigeria has reopened the redemption of previous banknotes of 500  (NGN500.1) and 1,000 naira (NGN1,000.1) through this...

• Feb-16-2023

  Nigeria – Old notes of 200 naira continue to be legal tender for 60 days.

  In a message to the nation President Buhari decreed that old banknotes of 200 naira (NGN200.1) (=USD 0.26 in the...

• Feb-15-2023

  Nigeria – Supreme Court adjourns until 22 February

  The Supreme Court decided today to adjourn until next Wednesdays 22 February to decide on the demonetization of the previous...

• Feb-10-2023

  Nigeria – Government will comply with Supreme Court injunction.

  Abubakar Malami, Attorney General of the Federation, declared today that the Government will comply with the Supreme Court interim suspension...

• Feb-8-2023

  Nigeria – Supreme Court suspends demonetization of old banknotes. Political battle ensues.

  Yesterday Nigeria’s Supreme Court granted at the request of three State Governors an interim injunction to the demonetization of naira...

• Feb-7-2023

  Nigeria – Legal battle over older naira banknotes redemption.

  The poor way in which the exchange of old for new naira banknotes has been planned and executed by the...

• Feb-4-2023

  Nigeria – Central Bank asks for ‘understanding’.

  As reported today in The Nation Godwin Emefiele, Governor of the Central Bank of Nigeria, has asked Nigerians to show...

• Jan-29-2023

  Nigeria – Central Bank extends redemption of withdrawn banknotes.

  The Central Bank of Nigeria has announced today 29 January 2023 that the redemption of older banknotes, subject to limits...

• Jan-22-2023

  Nigeria – Central Bank authorizes (very) limited cash exchange in rural areas.

  With only 8 working days left before they become worthless the Central Bank of Nigeria has authorized the direct exchange...

• Jan-10-2023

  Nigeria – Bank cash withdrawals limited to NGN20,000 per week for individuals.

  As of yesterday the Central Bank of Nigeria has limited cash withdrawals from bank accounts by individuals to NGN20,000 (=...

• Jan-4-2023

  Nigeria – Senate urges Central Bank to extend old banknotes withdrawal.

  The Nigerian Senate has urged the Central Bank to extend the withdrawal period of previous banknotes of 200; 500 and...