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CBN Counters Finance Minister, Insists It Followed The Law, Due Process For Naira Redesign

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In an apparent response to the shocking claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the Central Bank of Nigeria (CBN), in the ongoing process of redesigning three series of the Naira, the Bank insists it followed the law and due process to carry out the exercise, which is 12 years due.

Speaking with a group of newsmen in Abuja, on Friday night, the spokesman of the CBN, Mr. Osita Nwanisobi, expressed surprise at the minister’s claim, stressing that the CBN remains a very thorough institution that follows due process in its policy actions.

According to Nwanisobi, the Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.


However, urging Nigerians to support the currency redesign project, he said it was in the overall interest of citizens, reiterating that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks. This trend, he said, should not be encouraged by anyone who means well for the country.

Furthermore, he noted that currency management in the country had faced several escalating challenges which threatened the integrity of the naira, the CBN, and the country, adding that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira. This, he said, is in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

Nwanisobi therefore urged Nigerians, irrespective of their status, to support the Naira redesign project, as it is for the greater good of the economy.

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‘Zenith Bank Contributing To Our Sufferings”, Nigerians Fume Over Bank Decision To Shut Down Branches

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By Augustine Akhilomen


…Say Accessing Bank App Has Been Difficult

Nigerians on social media came out strongly against the decision of Zenith Bank to shut down some branches across the country due to fear of a possible attack from customers.

Recall that Nigerians have been going through hardships in getting their hands on the new naira notes as the February 10 deadline approaches.

This has led to attacks on some banks in the state, while states like Edo, Oyo, Ogun and Ondo have witnessed protests that degenerated into riots

Some video clips on social media showed how the bank staff escaped from the attacked branches by scaling fences to escape mob attacks from customers

Some of the bank’s branches in the FCT and environs and other states on Tuesday, were under lock.

Meanwhile, some bank customers have taken to social media to lament their ordeal.

A customer identified as @Ellacious_berry said on Twitter that Zenith Bank was fully contributing to the suffering of the masses.

“Three days now, I cannot assess the mobile app. If the mobile app mistakenly opens, it won’t transfer, and their ATM card is not paying either. I am sure closing my account with @ZenithBank,’’ she said.

Another customer, identified as @ambi 255 on Twitter, said Zenith Bank Plc had failed woefully.

“I think I will be closing my account with them,’’ he said.

A customer identified as @IamSixFeetTall on Twitter said, “one of the managers in my office just closed his zenith account this morning.’’

@shamsuden -Its a big shame that Zenith bank has decided to shut some of their branches. To access my account has been difficult.

@Iamnaija We live in a country where nothing seems to be working well at all. From fuel scarcity to Naira swap. Now Zenith has just compounded my problems.

@bullyone At this stage, i av no option than to closed down all my accounts with Zenith.

@dummyB – I am still baffle that i cant withdraw money from my account with Zenith. This bank is a scam.

Meanwhile, the Chartered Institute of Bankers of Nigeria (CIBN) had called for calm and understanding among bank customers.

A statement by Akin Morakinyo, the registrar, CIBN, said the Central Bank of Nigeria (CBN) and operators (the banks) were working assiduously to bring the situation under control.

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Access Bank Introduces The “Love Is More” Campaign For Valentine Season To Celebrate Its Customers

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Access Bank customers are in for a treat this Valentine season, as the retail giant is offering several discounts and mouth-watering freebies on its retail products and services to celebrate customers in this season of love.

The Valentine season campaign, tagged “Love is More,” will run from February 1 through March 11, 2023.

Robert Giles, senior retail advisor, retail banking, Access Bank, told reporters at the campaign’s debut,

““Valentine season provides us with another opportunity to demonstrate our love and appreciation for our customers for the years of loyalty and support for the bank.

“We are using this opportunity to thank our customers for their commitment to Access Bank. We value our customers and non-customers who rely on our services and products to conduct seamless banking activities, and we wish everyone the best of this season.”

Commenting further on the campaign, Njideka Esomeju, Group Head, Consumer Banking, Access Bank, said, “In the spirit of the season of love, we have unveiled several amazing offers to appreciate our customers during this month of love. Our customers who sign up for the XclusivePlus annual plan this month of February will not only receive a 10GB of data to share great moments with loved ones but will also get a 10% discount off their total purchases on Konga.

“Small business owners (SMEs) who open a Diamond Business Advantage Account (DBA) and grow their balance to N1,000,000 (DBA Trader Lite and DBA Basic) or N5,000,000 (DBA Growing to Prestige) and perform at least 2 transactions on the AccessMore app before February 28 stand a chance to win a free business protection bundle, a gift box, or a one-month fee waiver.

“This season, when our women use their “W” branded debit card at Beacon Health Diagnostics, they will receive a 20% discount on cervical cancer screening. Ladies, you can get your “W” debit card today from any Access Bank branch close to you.

“Customers who transact five times every week this February on AccessMore or *901# will qualify to win a N500 top-up on *901# and N1000 worth of data on AccessMore. In addition, we will provide our customers with free vehicle registration when they acquire a brand-new or pre-owned vehicle from one of our registered dealers nationwide.

Our salary account holders with Access Bank are not left out, as they can access a bouquet of loan offers and enjoy a 5% interest rate reduction in the first month of the loan repayment.

“We are offering these and so much more to show how much we appreciate our customers’ consistent patronage.

To join the reward train, dial *901# or download and log onto the accessmore app to open a new account. You can also visit any Access Bank branch near you to reactivate your account, and then start transacting immediately to enjoy the Valentine season campaign benefits,” Njideka said.

Please click HERE to see more Valentine’s Day season offers from Access Bank.

Access Bank is a leading full-service financial institution operating through a network of more than 600 branches and service outlets, spanning three continents, 18 countries and 49+ million customers. The bank is committed to providing innovative and convenient banking solutions to its customers.

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ICPC Arrests Stanbic IBTC, FCMB Managers For Allegedly Hoarding CBN’s New Naira Notes

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Nigeria’s anti corruption agency, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), in continuation of its clampdown at elements frustrating efforts in making the redesigned Naira notes available to members of the public has arrested an official of one of the new generation commercial banks, Stanbic IBTC Bank, for alleged sabotage.



According to a statement signed by Mrs. Azuka Ogugua, the ICPC spokesperson, the bank official, who is the Branch Service Head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATM) even when the cash was available, and people were queuing at the ATMs.


She said, “When the ICPC monitoring team stormed the bank at about 1:30pm to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, it was informed by the branch’s Head of Operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“Investigations are still ongoing, and the Commission will take appropriate actions as soon they are concluded”.

In a related case, Ogugua said, the ICPC Compliance Team in Oshogbo has busted an FCMB in Osogbo, Osun State where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team therefore directed that the wrappers be removed, and the cash loaded properly.

“However, when a follow-up visit was undertaken the following day to ascertain the level of compliance, the Team discovered that one of the ATMs was still loaded with the wrappers un-removed.

“The Operation Manager of the Bank was arrested and taken in for questioning.

“Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash. Investigations however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes”, she stated.

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