Latest CBN News Update On New Naira Notes Today, 19th February 2023

Latest CBN news update on New Naira Notes today, 19th February 2023, can be accessed below.

Following the Naira Scarcity in Nigeria, Newsone has compiled the latest news on new 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

Naira crisis: Banks shun CBN directive, collect old N1,000, N500

Some Deposit Money Banks on Saturday opened their branches to customers for the purpose of collecting old N500 and N1,000 notes for deposit into their accounts.

This was contrary to the claim by the Central Bank of Nigeria that it did not instruct the banks to continue to collect the old notes from depositors.

On Friday, Newsone Nigeria reported that the CBN had ordered banks to start collecting the old N500 and N1,000 notes from members of the public and pegged the maximum amount they could collect from individuals at N500,000.

The CBN swiftly issued a counter statement signed by the Director, Corporate Communications, Osita Nwanisobi, saying it did not give such a directive.

CIBN Sues for Calm, Says It’s Working With Bank CEOs to Address Challenges

The Chartered Institute of Bankers of Nigeria (CIBN) yesterday said it was working with the Body of Banks’ Chief Executives to address the current challenges in the naira redesign policy and appealed to the general public to remain calm and eschew any act of violence.
This is coming as the Inspector-General of Police, Usman Baba has warned groups and individuals against divisive comments and utterances over the new naira policy.

In a statement signed by its President/Chairman of Council, Mr. Ken Opara, CIBN stated that the banking industry remained resolute and committed to addressing all the challenges, promising that the banks would continue to remain open to serve the public “as long as it is safe to do so”.

According to him, the safety and security of the staff of banks are of paramount importance, “Hence, where there is a security challenge, the management of banks have been empowered to take proactive measures to close operations in such locations and inform the Central Bank of Nigeria,” Opara said.
He said the safety concerns being expressed in various quarters were already being addressed.

Kano State Governor Vows to Destroy Banks Refusing Old Naira Notes

Kano State Governor, Abdullahi Umar Ganduje, has issued a stern warning to commercial banks operating in the state, threatening to destroy any bank that refuses to accept the old N500 and N1,000 notes.

The governor gave the word of caution on Friday during his inspection of palliatives meant for distribution to the citizens to cushion the effects of the hardship caused by the cashless policy.

“Any bank that refuses to accept old five hundred and one thousand Naira notes will be destroyed. We will not tolerate such disobedience from any financial institution operating within our jurisdiction,” he stated.

Governor Ganduje further disclosed that the space of the destroyed banks would be used for building schools, “We will convert the space of the destroyed banks into schools that will provide quality education for our children.”

El-Rufai’s Comments on Naira Redesign Treasonable, Not Covered By Immunity

The Vice-Presidential candidate of the Labour Party, Datti Baba-Ahmed yesterday described as “treasonable” the comments of Governor Nasir el-Rufai of Kaduna State on the Naira redesign policy following the nationwide broadcast of President Muhammadu Buhari on the issue.

El-Rufai in a state broadcast last Thursday faulted the President for his directive to re-introduce just the old N200 banknote as part of measures to curb the cash crunch in the country.

On the same day, a fresh round of protests erupted in Lagos, Ogun, Oyo and Rivers states, triggered by the inability of residents to access the new notes, the hardship caused by the Naira redesign policy, and President Buhari’s broadcast, which contrary to expectations, approved the return of only old N200 notes while the old N500 and N1000 notes were invalidated.

El-Rufai, who said during his broadcast that the old N1,000 and N500 were still legal tender in his state, stated further that the aim of the Naira redesign was to scuttle the general elections in order to allow an interim government led by a retired army general.

The big question on the lips of analysts last night regarding the el-rufai broadcast is: Can a sitting governor instigate a coup and claim immunity?
However, speaking during a press conference in Abuja yesterday, the LP Vice-Presidential candidate said the governor’s comment amounted to treason and wondered why the presidency was silent.

He argued that there is only one authority in Nigeria which is the president and wondered how a governor could counter the directive of the president.

Fresh Protests Rock Lagos, Ogun, And Rivers Over Naira Scarcity

Protests erupted in Lagos, Ogun State, and Rivers on Friday over the naira scarcity and the Central Bank of Nigeria (CBN)’s currency swap policy.

Since the CBN began to swap old naira bills for new, re-designed ones, Nigerians have continued to battle a shortage of cash.

The cash scarcity has triggered protests in major cities as angry customers attacked banks and barricaded roads in unrest just days before Nigeria holds a presidential election.

President Muhammadu Buhari in a Thursday broadcast sought to ease the scarcity by allowing old N200 bills to circulate until April 10. Old N500 and N1,000 notes were no longer legal tenders, he said.

But that did not dissuade some angry persons who hit the streets in several parts of Nigeria. In the nation’s commercial capital, the protests took place around the Mile 12, Ojota, and Ketu areas of the state.

New naira: Rivers hoodlums hijack protest, invade market, rob residents

Some residents of Port Harcourt on Friday protested the Central Bank of Nigeria’s naira redesign policy and the introduction of new naira notes.

As the protest went on, hoodlums exploited the protest and invaded shops in Ikoku, a popular spare parts market and the Mile 3 markets and Emenike axis of the metropolis, forcing traders to accept the old N500 and N1000 notes as legal tender.

The hoodlums threatened to destroy their goods if they continue to refuse the old naira bills.

An eyewitness told our correspondent that traders and shop owners at the Ikoku and the Mile 3 markets hurriedly closed for the day and scampered for safety.

An eyewitness who pleaded anonymity said, “They (hoodlums) are insisting that traders and other people must take the old naira. That is the N500 and N1000 notes.

“They said if not everybody should close. As it stands now people have closed their shops. Those who refused to close down their shops, their property and goods got destroyed.

“Another thing is before you know it now they will say it is the Igbo boys in Ikoku doing business that are causing the riot.

“These are hoodlums burning tires and destroying people’s goods and properties.

“I wonder why people will be forced to accept old naira notes. It is their businesses, government didn’t open these shops and businesses for people.”

That’s the latest CBN news update on New Naira Notes today, kindly check back tomorrow for more. Read Naija News on Newsone Nigeria.