Fresh Facts Emerge On Why CBN Extended Deadline For Use Of Old Naira Notes
President Muhammadu Buhari on Sunday, in Daura, approved the Central Bank of Nigeria’s request to extend the deadline for swapping of old naira notes with the redesigned notes from January 31, 2023, to February 10 2023. Buhari also approved a seven-day grace period which runs from February 10 to February 17 2023, to allow Nigerians to deposit their old notes...
Beneficiaries To Get N50,000 As FG Reintroduces Tradermoni Next Month
The Federal Government will restart the Tradermoni scheme in November with each beneficiary getting N50,000 to support their business. While the interest-free loan scheme for traders – started in 2018 – has been on hold for some time, the Minister of Humanitarian Affairs and Poverty Alleviation Mrs Betta Edu said the government is set to relaunch it. Confirming that the scheme...
CBN Breaks Silence, Says Old Naira Notes Remain Legal Tender Till Dec 31st
The Central Bank of Nigeria (CBN) says the old N200, N500 and N1000 notes remain legal tender until December 31, 2023. Isa Abdulmumin, CBN spokesperson, announced the development in a statement on Monday. “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and...
Court Voids Passage Of Rivers Budget By Pro-Fubara Lawmakers
Justice James of the Federal High Court Abuja has nullified the N800 billion budget passed by the Edison Ehie-led group of the Rivers State House of Assembly and signed into law by the Rivers State Governor, Siminalayi Fubara. The court also upheld the suit filed by the Assembly and Speaker Martin Amaewhule, against Fubara, which sought an order of injunction...
CBN Announces Operational Changes To FX Market
The Central Bank of Nigeria (CBN) would like to notify all authorized dealers and the general public of the following urgent modifications to operations in the Nigerian Foreign Exchange (FX) Market. Segmentation is being phased out. The Investors and Exporters (1&E) window now contains all segments. Medicals, school fees, BTA/PTA, and SME applications would continue to be processed through deposit...
FG Has Released N4.7trn To Finance 2022 Budget Expenditure So Far – Zainab Ahmed
The Federal Government has so far released the sum of 4. 7 trillion naira to finance expenditure in the 2022 budget. This is according to the Minister of Finance, Budget and National planning, Mrs Zainab Ahmed. The minister disclosed this on Thursday...
Senate Carpets Minister For Proposing N1bn For Overseas Trips In 2024 Budget
The Senate has taken a swipe at the Minister of Trade, Industry and Investment, Doris Nkiruka-Anite for proposing to spend N1 billion on trip to Geneva in 2024, as contained in next year’s budget of the ministry, just as the minister said that the ministry has no record of the nation’s balance of trade. This was revealed, yesterday, when the...
Only A Budget Size Of N7trn Can Tackle Lagos Infrastructural Needs — Sanwo-Olu
The governor of Lagos State, Babajide Sanwo-Olu, says the state requires about a N7 trillion budget size to meet up with infrastructural and basic amenities in 2024. Sanwo-Olu spoke at the eighth Lagos Corporate Assembly, a business forum, tagged ‘BOS Meets with Business Community’, at the Lagos House in Alausa, Ikeja. The governor, however, noted that despite the uncertainty in the...
Old Naira Notes Have Lost Their Legal Tender Status, CBN Declares
The Central Bank of Nigeria (CBN) has declared that the old Naira Notes of N200, N500 and N1000 have ceased to be legal tender in Nigeria since the 10th of February, 2023. The declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza while briefing Journalists on Monday at the CBN, branch...
Kaduna State Government Orders Agencies To Accept Old Naira Notes
This was contained in an official statement released by the Special Adviser to the Governor, Media, and Communication, Muyiwa Adekeye on 19th February 2023. He said, "In line with the subsisting order of the Supreme Court, the Kaduna State Government has directed its ministries, departments, and agencies to ensure that their collection agents continue to accept payments made in all...
