30 results
- 29 Nov 2023
CBN Orders Banks to Issue, Accept Old, Redesigned Naira Banknotes
Central Bank of Nigeria (CBN) has ordered banks to issue and accept both old and redesigned Naira banknotes as legal tender. This follows the order of the Supreme Court on Wednesday, November 29,…
- 8 Nov 2023
Don’t Reject Old Naira Banknotes, CBN Warns Nigerians
Central Bank of Nigeria (CBN) on Wednesday reiterated that all denominations of banknotes issued by the apex bank remain legal tender across the country and as such, nobody should reject them as a…
- 13 Dec 2024
CBN Says Old, New Naira Notes Remain Legal Tender
Central Bank of Nigeria (CBN) has said that all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out. A statement on…
- 29 Nov 2023
Supreme Court Says Old and new Naira notes Remain Legal Tender until Further Notice
Supreme Court has ruled that both the old and the redesigned Naira banknotes remain valid legal tenders in the country beyond December 31. The apex court, in a ruling by a seven-man panel led by…
- 24 Oct 2024
CBN Says No Deadline for Old Naira Notes Circulation
Central Bank of Nigeria (CBN) has dismissed reports suggesting that the old N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. In an official statement issued on…
- 17 Nov 2024
CBN Orders Banks to Load ATMs, Warns Against Cash Disbursement to Naira Hawkers
Central Bank of Nigeria (CBN) has threatened to penalise banks disbursing cash to naira hawkers. The apex has also directed banks to prioritise cash disbursement through automated teller machines…
- 24 Sept 2025
CBN Warns against Abuse, Hoarding of Naira ahead of Yuletide
Central Bank of Nigeria (CBN) has launched a nationwide campaign against the abuse and hoarding of the Naira as the yuletide season approaches. The CBN also assured the public of sufficient cash in…
- 16 Oct 2019
CBN Prints N177Bn New Naira Notes, Destroys N1.8Trillion Others
Central Bank of Nigeria (CBN) has said a sum of N176.9bn was spent to print banknotes between 2015 and 2018. This came as the apex bank also said that it destroyed unfit Naira currency notes…
- 23 Jan 2019
CBN Orders Banks to Pay Customers with Clean Naira Notes
Central Bank of Nigeria (CBN) has issued banknotes fitness guidelines to commercial and microfinance banks to sustain public confidence in the nation’s currency. According to the apex bank,…
- 28 Aug 2018
How and Why Obafemi Awolowo Coined the Term Naira
Chief Obafemi Awolowo coined the term Naira- Nigeria’s currency when he was the Federal Commissioner for Finance between 1967 and 1971, according to Tokunbo Awolowo, the daughter of the late age.…
- 15 Oct 2015
Stanbic IBTC Bank Launches Automated Cash Deposit, Recycling Solution
To deepen the Central Bank of Nigeria (CBN)’s cashless policy, Stanbic IBTC Bank, a member of Standard Bank Group, has implemented the usage of an Automated Cash Deposit and Recycling solution to…
- 2 Feb 2023
CBN Orders Banks to Start Paying New Notes over the Counter
Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000. Osita…
- 14 Nov 2023
CBN Extends Use of Old Naira Notes Indefinitely
Central Bank of Nigeria (CBN) has extended the use of old Naira notes indefinitely and beyond the December 31, 2023 deadline set by the Supreme Court. Isa AbdulMumin, director, Corporate…
- 8 Dec 2023
Fake Naira Notes are in Circulation - CBN
Central Bank of Nigeria (CBN), has alerted Nigerians of counterfeit naira notes in circulation amid reports of currency shortage in the country. The apex bank in a statement released on Friday,…
- 28 Apr 2019
CBN Warns Banks against Issuing Dirty Naira Notes via ATM
Central Bank of Nigeria (CBN) has advised banks not to load their Automated Teller Machines (ATMs) with unfit banknotes, warning that those who contravene this directive would be punished. …
- 19 Feb 2023
Cash Crisis Exposes Nigeria Ruling APC Schism before Vote
All Progressive Congress (APC), Nigeria’s ruling party is divided over efforts to replace high-denomination banknotes, as many members who face elections in a week distance themselves from a policy…
- 8 Jul 2026
CBN Warns against Rejection of N100 Banknotes
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates…
- 15 Nov 2024
CBN to Sanction Banks Linked to Cash Hawkers
Central Bank of Nigeria (CBN) has announced stringent penalties against Deposit Money Banks (DMBs) found diverting cash to hawkers, as part of its ongoing efforts to ensure responsible currency…
- 12 Jan 2023
CBN Vows to Sanction Banks Hoarding New Naira Notes
Central Bank of Nigeria (CBN) has vowed to sanction any commercial bank hoarding the new naira notes from the public. According to a report by Daily Trust, the apex bank hinted that from Thursday, it…
- 8 Nov 2021
CBN Destroys N698.4m Worth of Unfit Banknotes
Central Bank of Nigeria (CBN) has stated that it disposed of N698,480.00 million worth of unfit banknotes in 2020. This was disclosed in the recently released Annual Report 2020 as compiled by the…
- 30 Aug 2019
CBN Orders Banks to Exchange Bad Naira Notes for New Ones on Monday
The Central Bank of Nigeria (CBN), has told Nigerians to take all their torn and mutilated Naira notes to the banks on Monday in exchange for clean naira notes. The deadline for such exchange…
- 13 Mar 2025
CBN Enlists Law Enforcement Agents to Fight Commoditization of Naria
Central Bank of Nigeria (CBN) has raised alarm over the commoditization of Naria in commercial cities in the country and enlisted security and law enforcement agents to tackle the menace. CBN pointed…
- 4 Nov 2021
CBN Spends N58.6Bn to Print 2.5Bn Naira Notes
Central Bank of Nigeria (CBN) spent the sum of N58.618 billion to print 2.518 billion Naira notes, valued at 1. 063 trillion in 2020, according a report in the Vanguard . This was contained in the…
- 15 Jul 2018
Spray Naira, Go to Jail- CBN
Central Bank of Nigeria (CBN) has issued warning against spraying, selling and mutilation of naira notes, a criminal offence, which the bank said attracts five years’ imprisonment. Expressing…
- 5 Apr 2023
CBN Battles to Limit Cash-Crunch Fallout
By Shehu Salmanu As Nigeria's Central Bank tries to rebuild trust following a disastrous introduction of new naira bills, customers' faith in the financial system is being tested, as many still…
- 15 Dec 2024
CBN Cracks Down on Banks with N150 Million Fine for Mint Naira Note Hawking
Central Bank of Nigeria (CBN) has announced a fine of N150 million on Deposit Money Banks (DMBs) found guilty of illegally distributing mint naira notes to currency hawkers across the country. This…
- 31 May 2020
CBN Says Claims of N2,000, N5,000 Banknotes in Circulation Fake
Central Bank of Nigeria (CBN) on Sunday, denied videos and pictures of the purported circulation of N2, 000 and N5,000 banknotes in the country. The apex bank in a tweet via the official Twitter…
- 26 Nov 2013
CBN Ditches Polymer, Goes for Paper Banknotes
Central Bank of Nigeria (CBN) announced it will revert to paper banknotes, in a policy switch bucking a growing trend around the world for tougher polymer-based currency. The Central Bank of Nigeria…
- 16 Feb 2023
Buhari Asks CBN to Release Old ₦200 to Coexist with New Naira Notes
President Muhammadu Buhari on Thursday ordered the Central Bank of Nigeria (CBN) to allow the old N200 notes and redesigned N200, N500 and N1000 notes to coexist. However, the deadline for N500,…
- 5 May 2025
CBN Spending on Naira Printing, Distribution up by 306 Percent
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial…