Kaduna, Kogi, and Zamfara have filed contempt proceedings against AGF and the CBN governor, Emefiele. This is due to their purported non-compliance with a Supreme Court order. The order extended the deadline for the use of old N200, N500, and N1,000 notes. EKO HOT BLOG reports that Kaduna, Kogi, and Zamfara States have initiated a … Read more
CBN has reacted to the circular recently released by Aisha Buhari on old notes. The CBN urged citizens to disregard the statement, as it was fake and misleading. It also warned citizens against spreading fake news, stating that Perpetrators would face prosecution. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has issued … Read more
The federal government’s naira redesign policy has been a hot topic on social and traditional media for several weeks. The policy has triggered cash scarcity across the country. The first lady was caught in a lie on Tuesday making false claims about the naira redesign policy. Eko Hot Blog reports that the First Lady of … Read more
Sanusi has reacted to the Naira Redesign policy. According to the former Emir, Nigeria is ripe for the policy and it was timely. He also urged citizens to ‘trade’ cautiously with politicians. EKO HOT BLOG reports that the former Emir of Kano, Lamido Sanusi, has opened up about the new naira policy of the Central … Read more
Some banks have reportedly been accepting old N500 and N1,000 notes from customers, despite the CBN’s recent directive. Some banks reportedly allowed customers with the code to deposit old notes up to N500,000. The CBN denied instructing banks to continue to collect old notes from depositors. EKO HOT BLOG reports that some banks on Saturday … Read more
CBN has failed to release funds to INEC for the 2023 general elections. INEC Chairman pointed out that the logistics for the elections require the use of physical cash, which the CBN has assured to provide. The delay in releasing the funds has caused uncertainty about the future of the elections. EKO HOT BLOG reports … Read more
Ten states have called for Supreme Court intervention to nullify Buhari’s directive on new naira notes. The states have asked the apex court to declare the new directive “unconstitutional.” President Buhari had directed the Central Bank of Nigeria to recirculate only the old N200 notes. EKO HOT BLOG reports that a request has been made … Read more
INEC has submitted its cash requirement for the forthcoming elections to the Central Bank of Nigeria (CBN). Some specific services provided to the INEC require cash payment, hence the need for submission to the CBN. INEC is hopeful of a positive response from the CBN soon and does not anticipate any disruption in the smooth … Read more
Hoodlums have destroyed three commercial banks in Rivers State. The affected institutions are First Bank, Keystone Bank, and the First City Monument Bank. The hoodlums reportedly looted computer monitors, desktops, water dispensers, and other items inside the bank. EKO HOT BLOG reports that during a protest against the Central Bank of Nigeria’s naira redesign policy, … Read more
The CBN has ordered banks to collect old N500 and N1,000 notes. The CBN pegged the maximum amount the banks can collect at N500,000. The CBN also maintained that the old N500 and N1000 currencies were no more legal tender. EKO HOT BLOG reports that the Central Bank of Nigeria, CBN has directed commercial banks … Read more
Emefiele has finally opened up on the real reason for the Naira redesign. According to the CBN governor, the policy was set out to eliminate corruption, insecurity, and other vices. Emefiele also stated that N200 notes will be made available by commercial banks to Nigerians. EKO HOT BLOG reports that the Governor of the Central … Read more
The Kogi State branch of the Central Bank of Nigeria (CBN) rejected customers with less than ₦500,000 for the cash swap process. These customers were advised to visit their respective banks to carry out the transaction. The value of the old notes has been credited to the owners’ accounts. EKO HOT BLOG reports that the … Read more
The Ekiti government plans to review the situation following President Buhari’s directive to the CBN to allow old 200 naira notes to co-exist with new notes until April 10. The government is yet to decide on its next course of action. Lagos Government warned businesses rejecting old notes that they could be prosecuted, as this … Read more
The federal government recently phased out the use of N500 and N1000 notes in violation of a Supreme Court order restraining it from enforcing a deadline. The government announced that it will allow the use of the old N200 note till April 10, a move that failed to pacify opponents of the naira redesign policy. … Read more
Buhari is meeting with members of the House of Representatives Ad-hoc Committee to discuss the new Naira policy of the CBN. The committee was set up to investigate the policy. The meeting is taking place at the State House and the chairperson of the ad hoc committee, Alhassan Doguwa, is present. EKO HOT BLOG reports … Read more
The CBN introduced a naira redesign policy last December. The policy, backed by the president, has been questionably implemented as millions of Nigerians have struggled to access naira notes. The president recently promised a major decision on the scarcity “in seven days” but time went by as he kept mute. Eko Hot Blog reports that … Read more
El-Rufai has been at the forefront of a battle against the federal government over the deadline for the validity of the old naira notes. The governor attended a Supreme Court hearing on the matter on Wednesday. He recently rejected a proposal by the federal government to extend the validity of the old notes. Eko Hot … Read more
Nigerians across the country, including in Lagos State, have been struggling to access naira notes for several weeks. The naira scarcity is due to the CBN’s naira redesign policy, which has been questionably executed. Lagos recently joined a Supreme Court suit against the federal government after the court ordered the old naira notes to remain … Read more
Millions of Nigerians have had difficulty accessing their own money in the bank for several weeks as a result of the scarcity of new naira notes. The situation coincides with the confusion over the validity of the old naira notes. The president is reportedly set to take a decisive action on the matter and relieve … Read more
The Supreme Court has upheld the validity of old naira notes as legal tender. The court issued the ruling on Wednesday in response to a lawyer’s complaint. The Court, however, fixed February 22 for hearing the suit filed by Kaduna, Kogi, and Zamfara states challenging the propriety of the naira swap policy of the Federal … Read more