Tag Archive: Nigeria

• 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...

• Dec-22-2022

  Nigeria – Cash withdrawal limits increased.

  The Central Bank of Nigeria has increased the limits for weekly cash withdrawals for individuals to NGN500,000 (=USD700 or USD1,120...

• Dec-19-2022

  Nigeria – New banknotes issued today. Previous ones will be demonetized soon.

    The supply of new banknotes received by commercial banks has proven to be insufficient to meet demand, forcing them...

• Dec-15-2022

  Nigeria – New banknotes issued today. Previous ones will be demonetized soon.

    The banknotes of the new 2022 family started circulation today. Previous notes of 200 naira (NGN200.1), 500 naira (NGN500.1)...

• Dec-7-2022

  Nigeria – Cash withdrawals to be limited.

  The Central Bank of Nigeria has issued yesterday 6 December 2023 a letter to banks ordering them to limit over the...

• Nov-23-2022

  Nigeria – New banknotes revealed.

    The Central Bank of Nigeria unveiled today the new banknotes to be issued on 15 December 2022. The new...

• Nov-1-2022

  Nigeria – Black market dollar rate reach 200% of official rate.

  At an average of 880 naira per USD the black market rate of the American dollar has surpassed the 200%...

• Oct-29-2022

  Nigeria – Finance Ministry not informed in advance of currency replacement.

  Zainab Ahmed, Minister for Finance, declared yesterday that the Central Bank of Nigeria did not consult her ministry before taking...

• Oct-28-2022

  Nigeria – New banknotes and the value of naira.

  The replacement of the old banknotes recently announced, and the short period given for their replacement, are affecting the value...

• Oct-26-2022

  Nigeria – New banknotes soon.

  Godwin Emefiele, Governor of the Central Bank of Nigeria announced today the imminent issue of new banknotes of 200 naira...

• Oct-26-2021

  Nigeria – Digital currency launched.

     You saw it first here… Nigeria’s Central Bank digital currency (CBDC) has been launched yesterday 25 October 2021 by...

• Sep-20-2019

  Kenya – Ten days to use or redeem old 1,000 shilling notes.

  If the Central Bank of Kenya does not extend it, September 30 is the last day to redeem the old...

• Sep-12-2019

  Nigeria – Clean note policy.

  The Central Bank of Nigeria has established a “Clean note policy” in April of this year. This policy states that:...

• May-27-2018

  Nigeria

  The Central Bank of Nigeria has started pumping large number of small denomination banknotes (5 through 200 naira) in the...

• Nov-4-2017

  Nigeria

  The Central Bank of Nigeria is contemplating the possibility of re-denominating its currency by creating a “new naira” equal to...