Banks have informed customers through text messages that these channels can no longer be used to access cash for the time being. In compliance with the Central Bank of Nigeria’s (CBN) currency redesign and cash withdrawal policy that limited withdrawals across all channels to N500,000 weekly, banks have suspended further cash disbursement via customers’ Naira … [Read more…]
The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities increased by 5.72 per cent to 21.34 per cent year on year in December compared to 15.63 per cent in December 2021, the National Bureau of Statistics (NBS) stated yesterday. Month-on-month inflation also rose to 1.71 per cent … [Read more…]
Nigerians will from today receive a new electronic card for local transactions that will be charged in Nigeria. The procurement cost and operational charges are still unknown. A card payment scheme is simply a payment that processes payments using debit and credit cards. On a global scale, Visa and Mastercard are two of the largest … [Read more…]
The Central Bank of Nigeria may be under pressure to extend the deadline for old naira notes to cease being legal tender as bankers and customers push for the extension. The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing … [Read more…]
The President, Major General Muhammadu Buhari (retd.) during the presentation of the 2023 budget at the National Assembly. The total budget deficit under the President, Major General Muhammadu Buhari (retd.), is set to hit N47.43tn, according to an analysis of the Federal Government’s data from the Budget Office of the Federation. According to investopedia, a … [Read more…]
For failing to submit its annual accounts, authorities in the United Kingdom, have struck off Next International (UK) Limited, a company largely owned by the presidential candidate of the Labour Party, Peter Obi. An online platform, Premium Times, reported that the company was removed from the record in September 2021, following a first and second … [Read more…]
Over 20 Deposit Money Banks on Monday began the implementation of the Central Bank of Nigeria’s new cash withdrawal limit policy across the country with bank customers expressing anger over the new rule. The Governor of the CBN, Godwin Emefiele, had on December 21, 2022, bowed to pressure and revised the bank’s earlier cash withdrawal … [Read more…]
Founder and Chief Executive Officer (CEO) of Pinnacle Oil and Gas Limited, Mr Peter Mbah, has declared that inadequate and lack of investments in the downstream of the oil and gas sector as being responsible for incessant petroleum products’ scarcity being experienced across the country. Of recent, there have been recurring bouts of petroleum products … [Read more…]
Four days after the Central Bank of Nigeria (CBN) directed commercial banks to suspend over-the-counter dispensing of the new naira notes and use their Automated Teller Machines (ATMs) to ensure wider circulation, compliance level has been abysmally low as customers continue to get the old currency slated to be junked on January 31. Meanwhile, the … [Read more…]
The Central Bank of Nigeria, CBN, yesterday explained that Polaris Bank was sold to Strategic Capital Investment Limited, SCIL, because it offered the highest financial bid of N1.355 trillion. Dismissing allegations to the contrary by an online news outlet, CBN’s Director, Corporate Communication Department, Mr. Osita Nwanisobi, in a press release yesterday stated: “For the … [Read more…]
President Muhammadu Buhari said yesterday it would cost the federal government N1.8 trillion in interest, if the National Assembly failed to approve N23.7 trillion in extra-budgetary spending. The President also said his government had made adequate provisions in the 2023 budget for the successful conduct of the forthcoming general elections and the transition programme. Recall … [Read more…]
The World Bank has said the Central Bank of Nigeria (CBN) financing of the fiscal deficit has continued to fuel inflation by increasing liquidity in the money market. The Bank also noted that interest payments on the Nigerian government’s borrowing from the CBN will gulp over 62 percent of its total revenue by 2027. The … [Read more…]