Finance

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By Feyisayo Helen

The Supreme Court of Nigeria has adjourned the naira swap policy of the Central Bank of Nigeria (CBN) till Wednesday, 22 February, 2023, for hearing.

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By Mohammed Nasir Shuaibu (Bauchi State Correspondent)

Residents of Bauchi State have expressed divergent views on the extension of the deadline for the validity of old Naira notes in business transactions nationwide.

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By Jvinn Okafor (Managing Editor/Head Economy Desk)

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Sunday, gave explanations on why the apex bank shifted the deadline for exchange of old Naira currencies with Money Deposit Banks from Tuesday January 31, to Friday February 10, 2023. Emefiele in a statement on Sunday January 29, 2023, said after holding a brief consultation with President Muhammadu Buhari to provide him with updates about the on-going implementation status of the CBN currency redesign program,it was resolved that a little window should be created to enable more Nigerians return the banks all legitimate old notes still in their possession.

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The Nigerian Financial Intelligence Unit (NFIU) has said that its ban on cash withdrawals for all federal and state accounts is to help governors and not to fight them.

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The Nigerian Security Printing and Minting (NSPM) Plc also called MINT, Friday, explained why the new Naira notes leave ink when rubbed on plain white surfaces while stressing that best international best practice was followed in their production.

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Nigeria's Central Bank has released details of the new naira notes and their security features.

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