CBN Archives - Page 3 of 5

Nov

29

2023

Supreme Court says that until further notice, old and new naira notes will coexist.

Business, Economy, MetroBusiness, CBN, Court, Economy, Metro, Naira, Nigeria

The Federal Government's appeal to extend the life of the N200, N500, and N1000 notes—which were redesigned during President Muhammadu Buhari's most recent administration—has been granted by the Supreme Court. A panel of seven judges on the top court, chaired by Justice John Okoro, ruled on Wednesday morning that the old notes will remain legal money until the infrastructure needed to replace them is in place. As to the ruling of the Supreme Court, the outdated notes are allowed to coexist as legal tender alongside the updated ones. The Federal Government's motion was heard on Wednesday and was made by…

Nov

28

2023

By Amos Oge Kalu

Emefiele still held in Kuje Prison seven days after being granted bail.

NewsCBN, Court, Emefiele, Politics

Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN), remains detained in Kuje Prison in Abuja, seven days after he was granted release. The bail conditions placed on the former head of CBN, by the Federal Capital Territory's High Court, have not been fulfilled. Emefiele was granted N300 million bail by Judge Hamza Muazu on November 22. Justice Muazu had ruled that Emefiele had to show two sureties who had to be landowners in the Federal Capital Territory's Maitama District. When Emefiele received his bail conditions, he was being held at Kuje Prison on remand. Emefiele had…

Aug

14

2023

By Amos Oge Kalu

Forex: CBN takes action to halt the naira’s wild collapse

Business, Economy, Metro, News2023, Business, CBN, Economy, Metro, Next Level

According to the Central Bank of Nigeria, fresh steps would be taken to stabilize the naira's value relative to the dollar. After meeting President Bola Tinubu on Monday at the State House about the bank's efforts to stop the decline, Folasodun Sonubi, acting governor of the CBN, disclosed the information. According to him, President Tinubu voiced his concern about the effects of recent changes in the foreign exchange market, particularly on regular people. The CBN is aggressively trying to increase market liquidity and stability, including resolving challenges in the parallel market, Sonubi said he promised the President. Sonubi emphasized that…

Jul

28

2023

By Amos Oge Kalu

DSS’s request to keep Emefiele in custody longer is denied by the Court

Economy, PoliticsCBN, Court, DSS/EFCC, Economy, Emefiele

A request by the Department of State Services for a "extended detention order" to hold Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, in its custody for an additional 14 days, was denied by the Federal Capital Territory High Court. Emefiele was taken into custody by the secret police on June 10 not long after President Bola Tinubu had suspended him . The DSS brought him before the Federal High Court in Lagos on Tuesday after holding him for more than a month, where he was charged with two counts of illegal guns possession. He was given…

Jul

13

2023

By Amos Oge Kalu

Judge mandates the DSS to arraign Emefiele in one week.

Business, Lifestyle, PoliticsCBN, Emefiele, Nigeria, Politics

The Department of State Services, DSS, has been given one week to decide whether to bring charges against the imprisoned suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, to court or release him. This decision was made by Justice Hamza Muazu of the High Court of the Federal Capital Territory, FCT, Abuja. On Thursday, the Judge gave the order while rendering a decision in a basic human rights lawsuit Emefiele had filed against the DSS and others. Godwin Emefiele The DSS has the authority to carry out its constitutional obligations to make arrests, hold people in custody, and…