Naira Scarcity: Protesters torch two banks in Ogun

20 Feb 2023

Naira scarcity protesters have set fire to two bank buildings in Ogun State, Nigeria’s south-west. The incident occurred in the state’s Sagamu region. Residents watched as protesters set fire to the Keystone and Union bank buildings, who were also protesting the state’s petrol shortage. At the time of the incident, the buildings were thought to […]

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CBN yet to release funds for INEC and Security Agencies for logistics

20 Feb 2023

With less than a week to the conduct of the 2023 general elections, the Central Bank of Nigeria (CBN) is yet to release funds requested by the Independent National Electoral Commission (INEC) and security agencies for logistics. The Chief Press secretary to the INEC Chairman, Mr Rotimi Oyekanmi had earlier confirmed that the electoral body […]

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Banks to be shut down as from Monday- ASSBIFI

19 Feb 2023

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has directed all bank workers to stay away from work. The directive is coming as more bank branches come under attack by hoodlums across the country owing to the current naira scarcity. The association had on Thursday during a media briefing in Lagos, […]

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Crowd ‘Takes Over’ CBN Office in Lagos

18 Feb 2023

The Central Bank of Nigeria (CBN) office in Marina, Lagos, was fully packed yesterday, 17th February 2023 The crowd consists of people attempting to exchange old currencies in accordance with President Muhammadu Buhari’s directive.  Buhari declared in his national broadcast on Wednesday that old N500 and N1000 notes were no longer legal tender, directing Nigerians […]

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Naira scarcity: Bankers ordered not to work due to violent attacks

18 Feb 2023

The Association of Senior Staff of Banks, Insurance, and Financial Institutions, ASSBIFI, urged its members on Friday to avoid banking premises in light of recent violent attacks.  Olusoji Oluwaole, National President of ASSBIFI, advised members to avoid bank premises until normalcy is restored in affected states.  Following the new Naira policy and currency scarcity, Nigerians […]

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Confusion reigns as the CBN denies ordering banks to accept N500 and N1,000 bills

18 Feb 2023

The Central Bank of Nigeria, CBN, has denied reports that it had directed commercial banks to begin collecting old N500 and N1000 notes from customers.  According to a report that went viral on Thursday, the CBN has set the maximum amount that commercial banks can collect at N500,000.  However, the apex bank’s Director of Corporate […]

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Security Operatives takes over CBN as residents besieged its entrance

18 Feb 2023

Fierce looking security operatives have taken over the Central Bank of Nigeria, CBN, Kaduna branch, as hundreds of residents besieged the entrance gate Friday morning. As early as 7:30 am, residents with old currency notes besieged the CBN entrance gate. The bank had ordered customers of commercial banks to deposit their old currency no later […]

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CBN orders banks to start collecting N500 and N1000 old notes

18 Feb 2023

The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It however pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were still no more legal tender. A source from the bank said the […]

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Drama As Angry Delta Residents Destroy POS Operator’s Stand (Video)

17 Feb 2023

The protesters claim that POS operators are extorting them due to a scarcity of New Naira notes. A video shows angry residents in Warri, Delta state, destroying a POS operator’s stand. The protesters claim that POS operators are extorting them due to a scarcity of New Naira notes. Prior to the scarcity, POS operators charged […]

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