BUSINESS
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...
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...
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...
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...
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)...
Ogun State Governor Talks Tough, Vows To Shut Down Banks Rejecting Old Naira Notes
Governor Dapo Abiodun of Ogun State has warned all commercial banks in Ogun State against refusing to accept old Naira notes from citizens. In a brief statement on his official Twitter page, the governor warned that any commercial bank that refuses to accept the old notes, stands the chance of being shut down by the state government. "We will shut down...
Kogi State Govt Talks Tough, Vows To Seal Banks Rejecting Old Naira Notes
The Kogi State government has threatened to close banks, arrest and prosecute anyone rejecting the old naira notes for transactions in the state. This was disclosed in Lokoja on Friday in a statement signed by Kingsley Femi Fanwo, the Commissioner for Information and Communications. The state government directed that those rejecting old notes for business transactions in the state should be...
Naira Notes Scarcity: Poultry Farmers Say Members Lost 15m Crates Of Egg Worth N15bn
The Poultry Farmers Association of Nigeria said its members lost more than N30 billion worth of over 15 million crates of eggs due to the effect of naira scarcity in the country. The National President of PAN, Sunday Onallo-Akpa, made this known on Friday in a statement in Abuja. “The poultry farmers in the country have lost over 15 million crates...
Banks To Receive Old Naira Notes From CBN Today
The Central Bank of Nigeria (CBN) has instructed commercial banks to immediately collect the old naira notes they deposited in its branches to ease the cash crunch across the country. Recall that the apex bank had mopped up the old N1, 000, N500 and N200 notes in response to the introduction of new ones as part of the cashless policy...
FIRS Generated N10.04trn In 2022, Says Official
The Tax Controller, Enugu Medium and Small Tax Office of the Federal Inland Revenue Services (FIRS), Mrs Stella Obiora, says the organisation generated N10.04 trillion in 2022. Obiora, represented by the Executive Chairman of the agency, Mr Muhammed Nami, stated this in Enugu on Friday during their special day at the ongoing 34th Enugu InternatiTrade Fair. She said the management of...
