The Central Bank of Nigeria (CBN) has clarified that all naira banknotes, including the old and new designs of the ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 note, remain valid legal tender indefinitely, with no set deadline. EKO HOT BLOG reports that In a statement signed … Read more
In a bid to ensure seamless access to cash through Over-the-Counter (OTC) transactions and Automated Teller Machines (ATMs), the Central Bank of Nigeria (CBN) has released a nationwide directory for reporting instances of cash unavailability. The directive, effective from December 1, 2024, aims to improve currency circulation and address challenges affecting cash availability. EDITOR’S PICKS … Read more
Nigeria is once again grappling with a situation many hoped to never revisit—cash scarcity. The country experienced a similar ordeal in early 2023 when the then President Muhammadu Buhari-led administration introduced new naira notes and abruptly banned the old ones. What followed was nothing short of chaos. With old notes withdrawn and the new currency … Read more
Nigerian banks impose ATM withdrawal limits, linked to cash scarcity. CBN cites substantial withdrawals and panic-driven activity for cash scarcity. Lagos banks reinstate ATM withdrawal restrictions, aligning with cash management efforts. EKO HOT BLOG reports that Nigerian commercial banks have imposed withdrawal limits on their automated teller machines (ATMs), with varying restrictions observed across different banks, … Read more
The CBN met with the Nigeria Labour Congress to address cash scarcity concerns after the NLC threatened to shut down all CBN branches. The CBN promised to push out more money and work day and night to end the scarcity. The NLC President stated that the union will only know the CBN is serious when … Read more