President Bola Ahmed Tinubu has pledged to reassess his predecessor’s naira redesign policy. In his inaugural address at the Eagle Square, Abuja, on Monday, May, 29, 2023, President Tinubu committed to a thorough review of the naira redesign policy implemented by his predecessor. Furthermore, he emphasised that both the new and old currency notes will retain their status as valid Read More
The Central Bank of Nigeria (CBN), on Sunday said that there is no plan to phase out the redesigned Naira notes from circulation. This was disclosed in a statement by th acting director, Corporate Communications Department, Isa AbdulMumin, in Abuja on Sunday. The statement was a reaction to a viral news on social media that the apex bank was contemplating Read More
For his failure to immediately obey the order of the Supreme Court over naira redesign policy, the Governor of Central Bank of Nigeria, Mr Godwin Emefiele, has been dragged before a High Court of the Federal Capital Territory, seeking his imprisonment. The plaintiff in the matter, Olalekan Popoola, in suit number CV/2757/2023 is seeking an order of the court committing Read More
Spanish macroeconomic intelligence provider, FocusEconomics, has warned that Nigeria’s economy faces serious fiscal risk over fuel subsidy removal as well as the Naira redesign policy by the Central Bank of Nigeria. In its April 2023 Consensus Forecast report, FocusEconomics, said the Nigerian government’s postponement of subsidy removal and the cash shortage – induced by the Naira redesign policy of the Read More
The Chief Economist, KPMG Nigeria, Oyeyemi Kale, has projected that the Central Bank of Nigeria’s (CBN) Naira redesign policy will drag Nigeria’s Gross Domestic Product (GDP) down in the first quarter (Q1) of 2023 from N10 trillion to N15 trillion. The former statistician general of the National Bureau of Statistics (NBS) further stated, “This is because about 40 per cent Read More
House of Representatives member-elect for Ideato North and South Federal constituency, Ikenga Ugochinyere, has commended the Governor of Central Bank of Nigeria (CBN) Godwin Emefiele for complying with Supreme Court ruling as well as directing commercial banks and other financial institutions to continue to accept old naira notes till December 31, 2023. CBN, had on Monday, directed all financial institutions Read More
The Central Bank of Nigeria (CBN) on Monday night directed all commercial banks to issue and accept old naira notes as legal tender till December 31, 2023. The compliance is coming 10 days after Supreme court ordered that the federal government and CBN not to jettison of N500 and N1000 notes The CBN in a statement said, “In compliance with Read More
Ekiti state governor, Biodun Oyebanji, has threatened to arrest traders rejecting N500 and N1000 old notes. In a statement on Saturday, signed by his Special Adviser on Media, Yinka Oyebode, the governor said it was unlawful for any business owner or service provider to reject the old notes, adding that the “government will not hesitate to arrest and prosecute business Read More
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to tell Nigerians what his government is doing to implement the decision of the Supreme Court, extending the validity of the old N200, N500, and N1,000 notes to December 31, 2023. SERAP further urged Buhari to disclose the measures that his government is taking to direct the Central Read More
The Cashless policy and Naira re-design policy, has been nullified and declared as an affront to the 1999 Constitution by the Supreme Court of Nigeria on Friday March 3, 2023 in Abuja. Justice Emmanuel Akomaye Agim, who read the lead judgment of the Court said the Federal Government breached the Constitution in issuing directives for the re-designing of the Naira Read More
Kaduna state governor, Nasir El-Rufai, and his Kogi state counterpart, Yahaya Bello, and their lawyers have showed up at the Supreme Court, Abuja as the apex court sit on the Central Bank of Nigeria (CBN) Naira note redesign policy on Friday. During the last sitting on February 22, 2023, the court had adjourned to March 3 for judgment after other Read More
The cash crunch imposed on the economy by the bungled naira redesign scheme has thrown the entire banking system into chaos. It has taken us back to the days of COVID-19 when the banks had to erect canopies outside their offices to accommodate customers coming to sort out various problems.The COVID-19 congestion was caused by the scramble to reduce the Read More
Kaduna state government has announced the provision of free transportation along selected routes in Kaduna, Zaria and Kafanchan, free treatment of minor ailments in public hospitals and palliatives to cushion the effect of naira scarcity. Special Adviser to Governor Nasir el-Rufai of Kaduna state on Media & Communication, Muyiwa Adekeye, said in a statement Tuesday that the palliative decisions, which Read More
As expected, the CBN naira redesign policy had provoked and, indeed ignite a thunderous conversation, across the country. With only few days before the presidential polls, the conversation had shifted and got a lot more traction than the election itself. When the CBN announced last October, it has redesign the currency, and by 31 January, 2023, old notes would cease Read More
Governors on the platform of the All Progressives Congress (APC), are currently mounting intense pressure on President Muhammadu Buhari and the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to settle the cases over Naira redesign policy out of the Supreme Court, it has been learnt. Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Read More
Protest has erupted in front of the palace of Akarigbo of Remoland, His Royal Highness, Oba Babatunde Adewale Ajayi, Torungbuwa II, in Sagamu local government area of Ogun state, Monday. The protesters who were seen chanting “no voting”, “we will not vote” in Yoruba language were protesting the closure of banks in the community, and the unavailability of cash for Read More
Up to nine governors elected under the All Progressives Congress (APC) political platform and one of the Peoples Democratic Party (PDP) have taken President Muhammadu Buhari to Supreme Court over the current policy on naira. This time around, Blueprint gathered, that the governors of Kogi, Zamfara, Kaduna, Cross River, Ondo, Ekiti, Ogun, Sokoto, Katsina and Lagos state are the plaintiffs Read More
Men of Lagos state police command stormed various branches of commercial banks in the state to prevent attacks from angry residents over scarcity of new naira notes. Some angry residents had earlier stormed the Gowon Estate and Shasha Banks in an attempt to attack banks in the area on Friday. The banks in the area are currently surrounded by the Read More
The Jigawa state government has told its citizens to continue to use the outlawed currencies as lawful means of payment and business transactions. The state government said the suit at the Supreme Court which is yet to be conclusively decided by the apex court empowered everyone to use N500 and N1000 notes. The Jigawa State Commissioner for Information, Youths, Sports Read More
NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023 My Dear Compatriots, I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen Read More
President Muhammadu Buhari on Thursday February 16, 2023 announced the reinstatement of only old N200 note as legal tender till April 10,. Buhari made the announcement in a nationwide broadcast monitored by Blueprint. The President said the old N200 will exist alongside new N200, N500 and N1000 notes. Details loading…
President Muhammadu Buhari will on Thursday February 16, 2023address Nigerians day after violence rocked parts of Nigeria over naira notes scarcity. This was disclosed via a statement by the President’s Special Adviser On media and publicity Femi Adesina on Wednesday night, Part of the statement reads, “President Muhammadu Buhari will make a national broadcast on Thursday, February 16, 2023 at Read More
The hearing in the suit banning the use of the old naira has been adjourned by the Supreme Court to Wednesday February 22, 2023. Justice John Okoro who led seven-man panel ordered them to amend their processes to be heard as one as Edo and Bayelsa have filed to be joined as respondents Blueprint had reported that three states filed Read More
The Central Bank of Nigeria (CBN) has revealed how Nigerians can deposit old versions of the redesigned naira notes at its branches nationwide. In a memo on Tuesday, CBN announced that the process will be open only between February 15 and 17, 2023. The memo also warned that the deposit is not a cash swap programme and that new notes Read More
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