BUSINESS
Start Embracing Alternative Payment Channels, CBN Tells Nigerians
The Central Bank of Nigeria (CBN) has urged Nigerians to embrace alternative payment channels such as eNaira and internet banking, insisting that the Naira redesign policy was not targeted at any individual or group. Speaking at the CBN Special day during the ongoing 44th Kaduna International Trade fair organized by the Kaduna Chambers of Commerce, Industry, Mines and Agriculture (KADCCIMA)...
Matawalle Threatens Arrest Against Anyone Rejecting Old Naira Notes
Governor Bello Matawalle of Zamfara has ordered the arrest of anyone who refuses to accept the old currency notes of two hundred, five and one thousand naira in the state. He said the old currency notes remain legal tender until the final verdict of the case instituted against the Central Bank of Nigeria (CBN) and the federal government by three...
Naira Gains Further, Exchanges At N461.10 To Dollar
The Naira on Thursday exchanged at 461.10 to the dollar at the Investors and Exporters window. The figure represented an appreciation by 0.02 per cent compared with the 461.17 it exchanged on Wednesday. The open indicative rate closed at N461.25 to the dollar on Thursday. An exchange rate of N462 to the dollar was the highest rate recorded within the day’s trading...
CBN Says It Disburses New Naira Notes Daily
The Central Bank of Nigeria (CBN) says it allocates new naira notes to banks on a daily basis. CBN Director, Consumer Protection, Mrs Rashidat Monguno, said this in Offa, Kwara State, on Thursday, attributing scarcity of the redesigned notes to sabotage by some commercial banks. Monguno, who was on an exercise to monitor microfinance banks, said, ”There is naira out there,...
ANAN President, Prof. Osisioma Tasks Leaders On Sustainable Consumption
The National President of Association of National Accountants of Nigeria (ANAN), Rev. Canon Prof. Chuka Osisioma has urged leaders across the country to imbibe the culture of sustainable consumption as a means of protecting the future for younger generations. "We seem to be consuming our present and our future. If we continue with the rate at which we are going,...
Hold Bank CEOs For New Naira Notes Scarcity, Buhari Tells Nigerians
President Muhammadu Buhari has indicted some banks’ Chief Executive Officers, and CEOs on the scarcity of the naira notes in circulation, accusing them of selfishness and inefficiency, saying that they have not done well in circulating the new notes. The President also urged Nigerians to give him seven days to resolve the cash crunch that has become a problem across...
Pay New Notes Over The Counter, CBN Orders Commercial Banks
The Central Bank of Nigeria (CBN) has reversed itself and directed banks to commence paying customers new Naira notes Over The Counter (OTC). The apex bank said the order was to reduce queues around Automated Teller Machines (ATMs) across the country. CBN Governor Godwin Emefiele gave the directive in Abuja on Thursday. READ ALSO: CBN Issues Fresh Guideline On Effective Distribution New Naira Notes A...
CBN Issues Fresh Guideline On Effective Distribution New Naira Notes
The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to commence the payment of the redesigned naira notes over the counter, subject to a maximum daily payout limit of N20,000. The directive is coming on the heels of business grinding to a halt over the scarcity of the redesigned notes, having deposited old notes with the commercial...
Reps Approves Buhari’s Request To Borrow N1 Trillion From CBN
The House of Representatives has approved the request by President Muhammadu Buhari to secure an additional N1 trillion loan from the Central Bank of Nigeria (CBN) to fund the 2022 supplementary budget. The CBN has already violated its enabling law by loaning the federal government more than the approved limit, PREMIUM TIMES reported. This did not, however, deter the lawmakers...
DSS Intercepts Syndicates Selling New Naira Notes, Bank Officials Implicated
The Department of State Services has detained some members of an organized syndicate selling the new Naira notes in various parts of the country. Although the names and locations of the suspects were withheld by the DSS, the agency claimed in a statement on Monday that several commercial bank employees were complicit in the crime. Dr. Peter Afunanya, the DSS's Public...
