The month of January 2023 recorded the highest number of mobile money transactions since its inception at 108 million, numbers released by the Nigeria Inter-Bank Settlement System (NIBBs) has revealed. This is coming on the back of the Central Bank of Nigeria’s (CBN) stance on its cashless policy. This peak is also a ripple effect of the naira redesign that has steered more Nigerians to using alternative mode for transactions. The NIBBS figures showed that a total of 108.135 million transfers were made in the month of January while the value of mobile transactions in September 2022 stood at N2.37 trillion. Analysis of the numbers showed that although the volume of transactions peaked in January, the value of transactions via mobile money declined marginally from N2.48 trillion in December but grew by 44 per cent compared with N1.05 trillion in January 2022. Also, the value and volume of electronic transactions done through the Nigeria Inter Bank Settlement System Inst...
In defiance of the Supreme Court order, the Central Bank of Nigeria, CBN, declared that the old naira notes of N200, N500 and N1000 have ceased being legal tender in Nigeria since February 10, 2023. CBN’s branch controller in Bauchi Haladu Idris Andaza made the declaration while briefing journalists on Monday in Bauchi. Last week, an ex parte order of the Supreme Court restrained CBN from implementing the February 10 deadline to stop the circulation of the old naira notes. But, Andaza insisted the old naira ceased being legal tender on February 10. “For the avoidance of doubt, CBN is ready and is open to receiving all of those old notes based on certain conditions and criteria. “Customers are free to come to the bank and deposit, which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month,” he stated. DAILY POST reported that commercial banks are rejecting old naira deposits from customers in Ilorin, the ca...