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Nigerian Supreme Court Extends Old Banknote Demonetization Deadline Again

[Dec 1, 2023 5:30 AM] The Supreme Court of Nigeria has again extended the lifespan of the N1000, N500, and N200 naira notes. The Central Bank of Nigeria (CBN) also reiterated that all banknotes, including the previously demonetized naira, remain legal tender “ad…

Security Agency Detains Nigeria’s Suspended Anti-Bitcoin Central Bank Governor

[Jun 12, 2023 8:00 AM] The Central Bank of Nigeria governor, Godwin Emefiele, was suspended by Nigerian President Bola Ahmed Tinubu on June 9 and was subsequently arrested by a domestic security agency. Several reports have linked Emefiele’s suspension to the…

New Nigerian President Slates Central Bank’s Interest Rate and Currency Demonetization Policy

[May 31, 2023 2:30 AM] The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the…

After Presidential Rebuke, Nigeria’s Central Bank Says Demonetized Naira Banknotes Still Legal Tender

[Mar 16, 2023 5:30 AM] The Nigerian central bank has said the recently demonetized ₦200, ₦500 and ₦1,000 banknotes will remain legal tender until Dec. 31, 2023. The central bank statement, which reaffirms a Supreme Court ruling that extended the lifespan of the…

Nigerian Banks Resume Dispensing Recently Demonetized Naira Banknotes

[Mar 11, 2023 3:30 AM] According to local reports, Nigerian financial institutions have begun abiding by a Supreme Court ruling that invalidated the Central Bank of Nigeria (CBN)’s demonetization of the 1,000, 500 and 100-naira banknotes. According to the court…

Moody’s Says Forex Shortages May Force Nigerian Central Bank to Delay Repaying Local Banks

[Feb 17, 2023 3:00 PM] The persistent scarcity of foreign exchange may force the Nigerian central bank to delay repaying the $10.4 billion owed to local banks, analysts at Moody’s Investors Service have concluded. The central bank’s failure to pay its debts…

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

[Feb 9, 2023 1:30 AM] With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court in Nigeria has blocked the country’s president, Muhammadu Buhari, and the central bank governor, Godwin Emefiele, from further extending…