The Central Bank of Nigeria (CBN) has issued new guidelines to commercial banks on the operations of dormant accounts which have received no deposit or withdrawal for upwards of one year. The new guideline is contained in the bank’s circular to commercial banks issued on Wednesday. According to the apex bank, it shall open a … [Read more…]
The International Monetary Fund (IMF) has retained its growth forecast of 3.2 percent for Nigeria’s economy in 2023. The IMF, in its World Economic Outlook for April 2023 titled ‘A Rocky Recovery’, also forecast a three percent growth in the country’s gross domestic product (GDP) for 2024. Other countries highlighted in its 2023 projections were … [Read more…]
The Nigeria Labour Congress, NLC, has warned that those pushing for subsidy removal in Nigeria are out to set the country on fire. The warning came against the backdrop of an announcement that the outgoing government of President Muhammadu Buhari had left the decision of petrol subsidy removal to the incoming government. According to NLC, … [Read more…]
The Naira appreciated against the United States Dollar across the main segments of the foreign exchange (forex) market, the Peer-2-Peer (P2P), the Investors and Exporters (I&E), and the black market windows. Data obtained from FMDQ Securities Exchange revealed that the Naira gained 12 Kobo or 0.03 per cent on Friday against the greenback during the … [Read more…]
Nigeria’s public debt stock which includes external and domestic debt hit a new mark of N46.25 trillion in Q4 2022 from N44.06 trillion in Q3 2022. This is according to the Nigeria Bureau of Statistics(NBS) which released its quarterly report titled “Nigerian Domestic & Foreign Debt Q4 202” on Friday. The report revealed that the … [Read more…]
Dangote Industries Limited, yesterday listed N200 billion series 1 and 2 Bonds on Nigerian Exchange (NGX) Limited. At the Closing Gong Ceremony commemorating the listing of the bond held at the Exchange in Lagos, the Group chief executive officer, Dangote Industries Limited, Mr Olakunle Alake expressed delight upon the completion of the listing of the … [Read more…]
Pepsi unveiled a new logo on Tuesday, which appears to take inspiration from its 1990s design amid a surging nostalgia for the era thanks to Gen Z The redesign comes alongside rising popularity for the ’90s era among Gen Zers. And it goes against the recent trend of minimalist logos with little-to-no identity. The cola’s … [Read more…]
The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays. The Acting Director, … [Read more…]
The National Bureau of Statistics (NBS) says the country’s headline inflation rate rose to 21.91 percent in February 2023 compared to 21.82 percent of January 2023, indicating an increase of 0.09 percent points. The bureau stated this in its report titled ‘Consumer Price Index (February 2023)’. The report comes as the country attempts to bounce … [Read more…]
Naira Redesign: Commercial Banks Resume Issuance of Old N500, N1000 Note Some commercial banks in Nigeria on Monday resumed the issuance of the old N500 and N1000 denominations to the public. The move followed a Supreme Court judgement, which extended the validity of the banknotes till December 31, 2023. In another development, the Central Bank … [Read more…]
The Central Bank of Nigeria, CBN, has said it did not direct banks to collect the old N500 and N1,000, as earlier reported. Director, Corporate Communication, Mr. Osita Nwanisobi, stated this in response to media reports that the apex bank had directed commercial banks to collect the old N500 and N1,000. He said: “The attention … [Read more…]
The Central Bank of Nigeria (CBN) has asked banks to start collecting old N500 and N1000 notes from customers. Osita Nwanisobi, spokesman of the apex bank, disclosed this on Friday, stating that any amount above N500,000 could not be deposited. The development comes amid the nationwide outrage over the rejection of the notes which President … [Read more…]