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…]
Five days after the Deposit Money Banks (DMBs) began dispensing the newly-redesigned naira notes, depositors are lamenting the scarcity of fresh currency, as banks have continued to dish out the old notes slated to be binned by January 31, 2023. Against this backdrop, bank customers are querying the rationale behind having more of the old … [Read more…]
The federal government has disclosed that the much-anticipated development blueprint, Agenda 2050, was being finalised for launch, with a target of catapulting Nigeria into a $12 trillion gross domestic product (GDP) economy in the next 17 years. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made the disclosure in a keynote address … [Read more…]
Governor, Central Bank of Nigeria, Mr. Godwin Emefiele yesterday called on banks and stakeholders in the financial sector to come up with actionable plans to boost foreign exchange inflow from non-oil exports. Emefiele made this call in his opening remarks at the 13th annual Bankers Committee retreat held in Lagos with the theme, “Increasing the … [Read more…]
He said one trillion naira old notes now in CBN and other banks’ vaults. Governor of Nigeria’s central Bank, Godwin Emefiele, has disclosed that government will not be rigid in the implementation of the cashless policy in the country. Emefiele, who spoke with newsmen Thursday in Daura, Katsina state, after briefing President Muhammadu Buhari, said … [Read more…]
The House of representatives has asked the Central Bank of Nigeria (CBN) to suspend the limits on weekly cash withdrawals by individuals and corporate entities. The lawmakers also summoned Godwin Emefiele, governor of te apex bank, to appear before it next Thursday over the new policy scheduled to take effect on January 9, 2023. The … [Read more…]
The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively. The apex bank made this known on Tuesday in a circular signed by CBN Director of Banking Supervision, Haruna … [Read more…]
The value of naira to dollar fell from N196.92 in June 2015 to N414.72 in June 2022, worsening Nigeria’s foreign debt burden. Within the seven years under review, the naira depreciated by 52.52 per cent against the US dollar. So This Happened (193) reviews Adeleke’s inauguration as Osun governor, 14-day paternity leave|PunchHow We Juggled Schooling … [Read more…]
…as investors, university, commend vision, promise partnership As part of his development plans to build the Enugu State gross domestic product (GDP) from the current $4.4 billion to $30 billion, the governorship candidate of the Peoples Democratic Party, Dr. Peter Mbah, has reached out to investors from Germany, Denmark, Austria and other European countries … [Read more…]
As the fuel shortage continues to bite harder, the South West Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Tajudeen Adigun, has warned that the scarcity might extend to the Yuletide season unless it is quickly addressed. He also said there was a massive shortfall in supply by the importer of last … [Read more…]