eNaira: Only Eight Percent Of Wallet Used Due To Slow Adoptation - IMF

The International Monetary Fund has disclosed that since its launch in 2021, the usage of the eNaira in Nigeria’s digital currency has refused to pick up, According to the fund, only about eight percent of eNaira wallets are in use, with an average transaction value of N53,000. It stated that as of November 2022, total eNaira wallet downloads amounted to 942,000.

Inflation Rises To 21.82 Percent

The National Bureau of Statistics (NBS) in a report released on Wednesday stated that Nigeria’s inflation rate has risen to 21.82 percent in January 2023 from the previous rate of 21.34 percent that was recorded in December 2022. According to the NBS, “Looking at the trend, the January 2023 inflation rate showed an increase of 0.47 percent points when compared to December 2022 inflation rate.

CBN Debunks News Directing Commercial Banks To Accept Old Naira Notes

The Central Bank of Nigeria (CBN) has debunked news making round on social media and other news outlets, claiming the apex bank ordered commercial banks to accept old 500, 1,000 naira notes from customers as deposits.
In a counter statement made available and signed by the Director, Corporate Communications Department of CBN, Osita Nwanisobi, stated that the public should disregard the news as it is "fake news". This is followed after the redesigned naira notes struggles to circulate among the masses as the Federal government introduces a cashless policy. Nigerians in the early hours of 17th February 2023 stormed the CBN offices as they made their way to deposit their old notes.

Following the Supreme Court declaration on old naira notes still valid for business transactions on 15th February 2023, the Lagos State Governor, Babajide Sanwo Olu, has directed to vent its wrath on anyone rejecting the old naira notes. This was revealed in a statement by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, Sanwo-Olu vowed to move against anyone who rejected the old notes. The statement on Wednesday after the Supreme Court revalidation of its order reads: “The Lagos State Government wishes to put on record the patience and calmness of Lagosians following the controversy generated by the Naira shortage crisis.

Uncollected Passports: NIS Publishes List Of 8,611 Nigerians

The Federal Government (FG) has published the list of about 8,611 Nigerians who are yet to collect their international passports from the Nigerian Immigration Service (NIS). The Service made this known on its official Twitter handle on Thursday, adding that the list can be accessed via immigration.gov.ng/uncollected-passports. According to the NIS, Public Relations Officer, Anthony Akuneme, the Service was unable to reach the owners of the uncollected passports because some provided incorrect contact details at the point of registration.

Naira Redesign: President Buhari May Extend Validity Of Old Notes

The validity of the old naira note may be extended as President Muhammadu Buhari is considering a 60-day period of grace. Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Wednesday 15th of February 2023, divulge to reporters that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele met with the president after the Federal Executive Council (FEC) meeting today.

Falana: Old 200 Naira Notes Not Sufficient To Circulate

Human rights activist and Senior Advocate of Nigeria, Femi Falana, has on 16th February 2023, faulted the message of President Muhammadu Buhari on the old N200 naira note remaining legal tenders alongside the newly designed 200, 500, and 1,000 naira notes. Falana stated that the president did not give any assurance that the suffering in the country will end anytime soon, hence the old 200 naira is not sufficient to circulate. Recall, the president made a national broadcast in the early hours of 16th February stating that the old N200 naira notes remain in circulation till April 10, 2023, while the old N500 and N1,000 notes cease to remain legal tender.

Supreme Court: Old Naira Notes Remain Legal Tender

The Supreme Court has stated that the old denomination of the 200, 500, and 1000 naira notes still remains as legal tender. The 7-member panel headed by Justice John Okoro made the declaration on Wednesday stating that there was no need to issue a fresh order because the February 8 hearing which paused the implementation of the February 10 deadline set by the Central Bank of Nigeria (CBN) still subsists.

Naira Redesign: Comply With President's Order - Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele said President Muhammadu Buhari has announced his latest directive on the new Naira policy on Thursday.

CBN To Sanctions POS Operators Over High Charges

The Central Bank of Nigeria (CBN) through its Director, Governor's Department, Joseph Omayuku during a brief in Yenagoa, Bayelsa State capital, noted that it was fraudulent to charge over N200 for N10,000 transactions “The operational arrangement for payment agents is that they take a commission for transactions and this commission is not more than N100 or N200 for transactions of up to N10,000. “But we have heard of cases where people are being charged N1,000 or N2,000. “This is certainly fraudulent; this is a rogue operation. “So, the security agencies will be very active this week, going forward,” Omayuku said.