He noted that so much money can be spent without it being tracked under the current election financing system in the country. Nigeria Vice President Yemi Osinbajo has declared that cashless monetary policy will go a long way to curb illicit election financing in the country. He submitted that when fully operational, the cashless policy … [Read more…]
The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has called for extension of deadline by the Central Bank of Nigeria (CBN) to phase out old naira notes in circulation. The apex bank had issued January 31 as the deadline the old naira notes will stop being legal tender, insisting it would not … [Read more…]
Maikyau expressed what he described as telling concerns about the fate of Nigerians with the old currency past the deadline, saying, “The law is clear on this issue.” The Nigerian Bar Association (NBA) says the Central Bank of Nigeria (CBN) is under statutory obligation to redeem the old N200, N500, and N1,000 banknotes after the … [Read more…]
As the deadline for the cessation of old notes closes in, many business owners and customers across Lagos have started rejecting the old notes for the fear of being caught up by the CBN directive possession of the notes. This is coming after the CBN Governor, Godwin Emefiele, insisted that i January 31 deadline remains … [Read more…]
…raises interest rate to 17.5% The Senate has once again asked the Central Bank of Nigeria (CBN) to extend the deadline for the stoppage of the use of old naira notes from January 31 till July 31, 2023. With one week to the deadline for the termination of the use of the old naira notes, … [Read more…]
As public anger over the scarcity of new naira notes persists, the Central Bank of Nigeria (CBN), on Thursday stormed various banks’ Automated Teller Machines (ATMs) to ascertain their level of compliance with dispensing the redesigned naira notes. This was even as the CBN said it has waived conditions for Deposit Money Banks (DMBs) across … [Read more…]
The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria ended 2022 as Africa’s largest oil producer. According to OPEC, Nigeria in the month of December recorded a four percent increase in oil production to 1.235 million barrels per day, from 1.186 mb/d in November 2022. While on Year-on-Year, YoY performance, the nation’s oil … [Read more…]
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…]