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...
CBN Confirms Evacuation Of Banknotes To DMBs
The Central Bank of Nigeria, CBN, has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a concerted effort to ease the circulation of different denominations of banknotes. The CBN has also instructed that all commercial banks be open on Saturdays and Sundays. Dr. Isa AbdulMumin, Acting Director, Corporate Communications Department of the...
Loan Sharks Barred From Accessing Customer’s Contacts, Pictures
Loan apps on Play Store, popularly called loan sharks will lose their ability to access their users’ contacts or photos from May 31, 2023. This came as the Federal Government said it would enforce the latest policy by Google, saying the action was consistent with the Nigerian authorities’ move to curtail the invasion of customers’ privacy by loan app firms. The...
ICAN To Train Officers Of Nigeria Police On Forensic Accounting
The Institute of Chartered Accountants of Nigeria (ICAN) has announced plans to commence forensic accounting training for police officers in the country. The ICAN’s President, Malam Tijani Musa, who disclosed this yesterday during the institute’s 2023 Faculties Induction Ceremony, said the training would further support the effective discharge of the officers’ public duties and responsibilities, as well as deepen ICAN’s...
CBN Devalues Naira To 630/$1
The Central Bank of Nigeria (CBN) has depreciated the Naira to N631 per dollar, up from N461.6 sold at the Importers and Exporters (I&E) window the day before, according to Daily Trust. The devaluation occurred 48 hours after President Bola Ahmed Tinubu announced federal government plans to unify the country's exchange rate in order to promote the economy. In his inaugural...
The Beast Called Emefiele Must Face Full Wrath Of Law – Fani-Kayode
Femi Fani-Kayode has celebrated the suspension of Godwin Emefiele from the office of the Governor of the Central Bank of Nigeria. The APC chieftain in a statement issued on Friday labelled Emefiele a beast. Fani-Kayode alleged that Emefiele financed terrorism and committed monumental thievery and corruption. The former minister of aviation said: “The beast called Godwin “The Greed” Emefiele has finally been...
Panic Grips Crypto Traders As SEC Bans Binance Operation In Nigeria; Declare It An Illegal Entity
The Securities and Exchange Commission (SEC) of Nigeria has declared the activities of Binance in Nigeria illegal. According to a statement published on its website, any Nigerian trading on Binance Nigeria Limited, a subsidiary of the well-known global cryptocurrency exchange Binance, is doing so at his or her own risk. SEC noted that the company’s activities are in violation of Nigerian...
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...
Naira To Appreciate, Settle At N600/$1 In Coming Months, Says JP Morgan
According to JP Morgan, an American global financial services organization, the naira is likely to strengthen and trade at around N600 per dollar in the coming months. The estimate was provided by the financial institution in a statement issued on Thursday. The Central Bank of Nigeria announced on Wednesday the unification of all parts of the currency exchange (FX) market, indicating...
High Court Reserves Ruling On Emefiele’s Bail Application
The Federal Capital Territory High Court in Abuja has deferred its decision in the bail application of suspended Central Bank of Nigeria Governor Godwin Emefiele until July 13, 2023. After hearing the views of all parties in the case, the presiding judge, Justice Hamza Muazu, issued the order. Emefiele is suing the Department of State Services (DSS) for his detention and...
