Just another News Updates
The Supreme Court has adjudged the cash withdrawal limits imposed by banks as a result of scarcity of currency notes in circulation as a violation of citizens’ rights. A seven-man panel of the court led by John Okoro made the declaration in a unanimous judgement delivered on Friday. “Such restriction on an owner’s right to […]
Commercial banks in Zamfara State have designed another method of dispensing cash to their customers, insisting that customers can now only withdraw their funds from their respective banks. Findings by The Spectacles showed that almost all the banks in the State dispense only N10,000 to their customer due to the scarcity of the new Naira […]
President Muhammadu Buhari is considering extending the validity of old naira notes by 60 days, TheCable understands. This is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old N1,000, N500 and N200 notes remain valid until it delivers judgment in the case filed by some states against the […]
The Supreme Court on Wednesday joined nine States as parties in the suit filed by Kaduna, Kogi and Zamfara challenging the propriety of the naira swap policy of the Federal Government. In a ruling a moment ago, a nine-member panel, led by Justice John Okoro, joined the Attorneys General of Katsina, Lagos, Ondo, Ogun, Ekiti, […]
The Supreme Court on Wednesday adjourned hearing in a suit filed by Kaduna, Kogi and Zamfara states against the federal government seeking a restraining order to stop the full implementation of the naira redesign policy of the Central Bank of Nigeria (CBN) until Feb. 22. (NAN) Details later…
The Central Bank of Nigeria (CBN) has declared that the old Naira Notes of N200, N500 and N1000 have ceased to be legal tender in Nigeria since the 10th of February, 2023. The declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza while briefing Journalists on […]
The current naira scarcity, occasioned by the currency swap policy of the Central Bank of Nigeria (CBN), is taking a toll on healthcare services across the country. Patients are increasingly denied access to care at health facilities as many of the facilities operate mainly cash-only systems or have poor e-payment systems. These facilities turn down […]
A High Court of the Federal Capital Territory (FCT) has issued an interim injunction stopping President Mohammadu Buhari, the Central Bank of Nigeria, its Governor and the 27 commercial banks “from suspending, stopping, extending or interfering with the currency redesign terminal date of February 10th or issue any directive contrary to the February 10 date.” […]
The governments of Kaduna, Kogi and Zamfara have dragged the Federal government before the Supreme Court, seeking a restraining order to stop the full implementation of the policy. Worried by the effects the Central Bank of Nigeria (CBN)’s naira redesign policy is having on the residents of their states. In a motion ex-parte filed on […]
Babatunde Fashola, minister of works and housing, says the naira redesign policy of the Central Bank of Nigeria (CBN) “is hurting Nigerians” and needs to be reviewed. The apex bank has fixed February 10 as the new deadline for the swap of old naira notes. It initially fixed January 31 as the deadline but many […]