CBN » NAIJATRENDS

FLASH: CBN Sets to Close Millions of Bank Accounts in GTB, Access, Zenith, First Bank, Others (See Reasons)

Posted on April 7, 2023 by rejoice

The Central Bank of Nigeria (CBN) has recently made an announcement to address the increasing incidents of fraud in the financial sector. As part of their efforts to combat this problem, the CBN has planned to close millions of bank accounts that are not linked to a Bank Verification Number (BVN). The BVN is a biometric identification system that was introduced by the CBN in 2014 to uniquely identify customers and reduce cases of fraud…

Moruf Oseni Takes Over As The MD/CEO Of Wema Bank

Posted on April 1, 2023 by rejoice

Moruf Oseni Takes Over As The MD/CEO Of Wema Bank Wema Bank Plc hereby announces Moruf Oseni as the substantive Managing Director and Chief Executive Officer effective April 1, 2023. After serving in acting capacity since January 1, 2023, Oseni will be succeeding Ademola Adebise, following approval by the Central Bank of Nigeria (CBN). Oseni’s journey with Wema Bank began in 2012 when he joined as an Executive Director. Before his appointment as MD/CEO, he…

BREAKING: CBN Confirms Evacuation Of Banknotes To Commercial Banks

Posted on March 24, 2023 by rejoice

The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays. The Central Bank of Nigeria, CBN has confirmed the release of naira notes to banks. The CBN confirmed evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The CBN has also directed all commercial banks to open for operation on Saturdays…

BREAKING: Old Naira Notes Remain Legal Tender Till December 31 — Supreme Court

Posted on March 3, 2023 by rejoice

The Supreme Court, on Friday, nullified the ban on use of the old N200, N500 and N1000 banknotes as legal tenders. The apex court, in a unanimous decision by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31, 2023. It held that the old Naira notes should be used alongside the redesigned currencies. It faulted President Muhammadu Buhari for introducing the demonization policy, without due consultation…

Naira Scarcity: Emefiele Sent By Satan To Torment Nigerians – Fani-Kayode Blows Hot

Posted on February 11, 2023 by rejoice

A former Aviation Minister, Femi Fani-Kayode, on Friday described the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele as a satan sent to torment Nigerians. Fani-Kayode said Emefiele would soon be abandoned by the satan using him. In a tweet, the All Progressives Congress, APC, chieftain wrote: “Godwin, you were sent by Satan to torment Nigeria. You are an inglorious bastard & a beast. “The satan that is using you will soon abandon…

BREAKING! CBN To Withdraw POS Operators License Over High Charges

Posted on February 8, 2023 by rejoice

The Central Bank of Nigeria (CBN) announced on Tuesday that it will revoke the licences of Point of Sale (PoS) representatives found responsible for exaggerating the fees for consumers who withdraw money from their POS in the state. According to the Daily Trust, POS operators in the state charge between N1000, N1500, and N2000 for every N5000 and N10,000 a consumer withdraws, and N300 for every N1000. Director, CBN Risk Management department, Blaise Ijebor, disclosed…

BREAKING: Banks Will Accept Old Naira Notes After Deadline, Says Emefiele

Posted on February 1, 2023 by rejoice

Emefiele spoke on Tuesday when he appeared at an interactive session with the house of representatives ad hoc committee on the currency redesign and naira swap policy. The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has made a new announcement about the old naira notes. He says banks will continue to accept old naira notes after the stipulated deadline. Emefiele spoke on Tuesday when he appeared at an interactive session with the…

Reps Reject CBN’s 10-Day Deadline Extension; Threaten To Arrest Emefiele

Posted on January 30, 2023 by rejoice

The House of Representatives Ad Hoc Committee on new naira re-design and naira swap policy has rejected the 10-day extension granted by the Central Bank of Nigeria, CBN, for the exchange of old notes. The CBN had fixed January 31 as the deadline for the exchange of the old naira notes – N200, N500 and N1,000. The CBN governor, Godwin Emefiele, on Sunday, said President Muhammadu Buhari gave permission for the deadline to be extended…

Breaking: CBN Extends Deadline For Naira Swap

Posted on January 29, 2023 by rejoice

In a press statement issued on Sunday, Emefiele said the new deadline is now February 10, 2023. The Central Bank of Nigeria, CBN, has announced a new deadline for the exchange of old naira notes. Governor of the apex bank, Godwin Emefiele, extended the date by 10 days. In a press statement issued on Sunday, Emefiele said the new deadline is now February 10, 2023. Details Later…