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…]
The biggest topic on the front burner in economic policy discourse in 2022, unexpectedly, is the abrupt decision by the Central Bank of Nigeria, CBN, to redesign the N200, N500 and N1000 notes. The public announcement came on October 26, 2022 by the CBN Governor, Godwin Emefiele, via a press release. The announcement came with … [Read more…]
It’s no news of how so many Nigerians have been flooding the shores of Europe and America for better livelihood. With the current insecurity in the country seemingly getting worse, unemployment and underemployment at an all time high, increasing cost of things due to inflation, all making it harder to live in an already fragile … [Read more…]
The Central Bank of Nigeria (CBN) has said it ordered 500 million pieces of the redesigned naira notes introduced recently. Its governor, Godwin Emefiele, stated this yesterday, when he briefed the House of Representatives on the new cash withdrawal limit introduced by the apex. The CBN boss, in reaction to a question on the quantity … [Read more…]
Amidst concerns of counterfeiting, the Central Bank of Nigeria (CBN) on Wednesday, released details and position of the security features in the new Naira notes. There had been concerns from Nigerians after the Deposit Money Banks (DMBs) started circulating the notes last week. Many respondents who spoke to the reporter said they were afraid of … [Read more…]
The Central Bank of Nigeria (CBN) on Wednesday bowed to pressure from many Nigerians and announced an upward review of its cash withdrawal limits directive. Individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale … [Read more…]
The Central Bank of Nigeria (CBN), its Governor, Mr. Godwin Emefiele and the Attorney General of the Federation, Abubakar Malami have been dragged to a Federal Court in Awka over the implementation of the naira redesign policy. The redesigned currencies N1,000, N500 and N200 went into circulation on December 15, 2022, and would finally displace … [Read more…]