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CBN News Update On Naira Notes Today Wednesday 22nd March 2023



CBN To Fine Banks N1m Daily For Failing To Disburse New Naira Notes

Latest CBN news update on New Naira Notes today, Wednesday 22nd March 2023, can be accessed below.

Following the controversy associated with the new naira notes rages on, News Rain Nigeria brings you the latest update from Central Bank of Nigeria (CBN) on naira notes.

This means the latest updates on the Naira crisis in Nigeria can be accessed on this page.

Below are the latest CBN news update on new Naira notes today

CBN limits circulation of new notes as banks disobey Supreme Court order

Some normalcy has returned despite persistent queues in some banks and ATMs across Nigeria.

Bank officials say the Central Bank of Nigeria (CBN) supplied more old naira notes than the newly redesigned N200, N500, and N1,000 notes.

CBN supply more old notes

The development follows the ruling of the Supreme Court on March 3, 2023, which extended the validity of the old naira notes till December 31, 2023.

According to reports, banks began simultaneous dispensing of the old naira notes over the counters and via ATMs a few days after CBN issued the directive.

Traders, Transporters, petrol stations, and others have begun accepting the old naira notes after initial skepticism.

Banks say they need more new naira notes as both ATMs and bank tellers dispense more of the old naira notes.

Bank officials say they have not had new supplies of the new naira notes since CBN reintroduced them into circulation.

A banker with one of the new-generation banks said that CBN had paused the circulation of old naira notes and only resumed issuing old notes as directed by the Supreme Court.


Naira scarcity reduced vote-buying, says Buhari

The President, Major General Muhammadu Buhari (retd.), on Saturday said the scarcity of naira notes reduced the incidence of vote-buying. The President, after voting in Daura, Katsina State, urged Nigerians to collect money offered to them by vote-buyers but vote their conscience.

The naira scarcity had led to crisis nationwide, in which case many Nigerians lamented their inability to buy necessities or move around. The Central Bank of Nigeria had come under heavy criticism for the policy, which many described as ill-timed and poorly implemented.

Buhari told journalists after voting at Ward A, Sarkin Yara Polling Unit, 003, in Katsina, “I am aware that the money is not there like before for people to sway voters, like they used to do. And if they bring out money, the people should pocket it and still vote their conscience.”

The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed this in a statement on Saturday. The statement was titled ‘Nigerians know we mean what we say, they will vote for us again, says President Buhari.’

The President was quoted as saying his regime had “diminished” the practice of vote-buying. He boasted that the All Progressives Congress would emerge victorious in the governorship and state Assembly elections nationwide.

New naira pains persist despite fresh CBN orders

Barely three days after the Central Bank of Nigeria declared old N1,000, N500 and N200 notes as legal tender, Deposit Money Banks say they are beginning to run out of the old currencies.

The development led to severe hardship and pain for several bank customers seeking to withdraw funds on Wednesday. The CBN had on Monday directed banks to pay out and accept the old notes from their customers.

This came after President Muhammadu Buhari, said he did not stop the CBN and the Attorney General of the Federation Office from complying with the Supreme Court judgment ordering that old naira notes should remain legal tender till December 31, 2023.

However, commercial banks which began the disbursements of old N1,000, N500, and N200 notes to their customers on Tuesday revealed on Wednesday that it had started running out of the old currencies.

This made several bank customers become stranded in banking halls as well as in major cities and towns.

While some bank officials said their stocks of old notes were beginning to run low, others said they had exhausted the old currencies in their vaults.

Finally, CBN Issues Official Statement On the Acceptance of Old Naira Notes

The Central Bank of Nigeria (CBN) led by Godwin Emefiele says the old N200, N500, and N1000 notes remain legal tender until December 31, 2023.

This online news platform understands that the CBN official statement on the acceptance of Old Naira Notes was announced by the CBN spokesperson, Isa Abdulmumin on Monday evening, March 13, 2023.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly,” the statement on the acceptance of Old Naira Notes added.

Finally, CBN Directs Nigerian Banks To Accept Old Naira Notes

CBN has finally directed Nigerian Banks to accept Old Naira Notes.

Newsone reports that the governor of Anambra State, southeast Nigeria, and former CBN Governor, Prof Charles Soludo, on Monday, March 13, 2023, confirmed that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits.

This online news platform understands that Professor Soludo, a former CBN governor, made this known in a statement he posted on his social media handles on Monday, March 13, 2023.

Newsone Nigeria reports that the Anambra Governor explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday, March 12, 2023.

Governor Soludo, who revealed that CBN Governor Emefiele personally confirmed the directive to him, called on Anambra residents to report Nigerian banks refusing to accept the old notes.

Nigerian Governor Orders Arrest of People Rejecting Old Naira Notes in His State

Nigerian Governor has ordered the arrest of people rejecting Old Naira Notes in his state.

Newsone reports that the Kogi State Government on Friday, March 10, 2023, ordered the arrest and prosecution of individuals and businesses rejecting the old naira notes.

This online news platform understands that the order is contained in a statement by Commissioner for Information, Kingsley Fanwo, who congratulated Nigerians on the “historic ruling of the Supreme Court”.

Newsone Nigeria had reported earlier that the Supreme court ruled last week that both the old and new naira notes remain legal tenders until December 31, 2023.

Fanwo explained that the Yahaya Bello administration joined other states to pursue the case to ease the hardship occasioned by the unavailability of cash.

The Commissioner for Information said it was unacceptable that some persons and businesses continue to reject the old notes, even after the court validated their use.

CBN Takes Decision On Old Naira Notes After Supreme Court Judgment

The Central Bank of Nigeria (CBN) said that both old naira notes and new naira notes are now legal tenders. This online news platform understands that the Acting Director of Corporate Communications CBN, Dr. Isa Abdulmumin disclosed this on Tuesday, March 7, 2023.

The CBN Director affirmed that commercial banks have started issuing both old and new notes to their customers.

In compliance with the March 3 Supreme Court judgment, which extended the validity of the Central Bank of Nigeria, CBN, currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to their customers.

Findings, however, revealed partial compliance as some banks have not followed suit, maintaining that they are awaiting official directive from CBN to do so.