Economists have urged the Central Bank of Nigeria (CBN) to take firm control of the quantity of the redesigned naira notes it would release into circulation to avoid hoarding and counterfeiting. The experts gave the advice in separate interviews with the News Agency of Nigeria (NAN), ahead of the...
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After a delayed plenary on Wednesday, the Senate asked the Central Bank of Nigeria (CBN) to considerably adjust its recently announced cash withdrawal limits in response to the public outcry against the new policy. The upper chamber, in its resolution, also asked its Committee on Banking and Finance to...
Financial experts have backed the review of the Central Bank of Nigeria (CBN) proposed cash withdrawal limit policy for individuals and corporates. They said this in separate interviews with the News Agency of Nigeria (NAN) on Wednesday in Lagos. NAN reports that the experts spoke against the background of...
Again Nigerians were alarmed when heaps of sacks containing spoilt naira notes were dumped in a warehouse at a riverside in Benue State. In the viral video hordes of residents in the area rushed to the scene where the notes, kept in sacks, have defaced beyond repairs. A voice in...
President Muhammadu Buhari came into office in 2015 to find that a law, which stipulated for the collection of a token on banking transactions existed but was not being correctly implemented This anomaly arose because certain characters apparently formed a cartel with collaborators in the Nigerian Postal Service, NIPOST...
The Central Bank of Nigeria (CBN) has warned in Abuja on Tuesday that those abusing the naira were liable to go to jail. It warned that the law banning the “spraying’’ and the stepping on the naira, especially at social gatherings is still in force and offenders are liable...
The Senate has postponed its debate on the cash withdrawal policy by the Central Bank of Nigeria (CBN) till Wednesday, December 14, 2022. This is because of the absence of the Chairman of the Committee on Banking and Finance, Senator Uba Sani, who is away attending the All Progressives...
Gudaji Kazaure, a member of the House of Representatives from Jigawa state, has claimed that President Muhammadu Buhari secretly set up the committee on the reconciliation and recovery of all stamp duties. Hon. Kazure while addressing the press, said only the president could dissolve the committee in which he...
Nigerians have been urged to see the Central Bank of Nigeria (CBN)’s new monetary policy from a positive side and accept it in good faith. The Youth Advocacy for Peace and Social Justices Centre for Sustainable Development (YAPASJCSD), an NGO, gave the advice in a statement on Monday in...
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Saturday expressed optimism that export proceeds repatriation for rebate would hit one billion dollars by fourth quarter of 2022. Emefiele said this at a press conference on the outcome of the 13th annual Bankers’ Committee Retreat, held in...
Six suspected vendors who specialised in illicit trading of Naira notes for profit have been arrested by security operatives in a sting operation in Port Harcourt. Mr Michael Ogar, the Commandant, Nigeria Security and Civil Defence Corps (NSCDC) in Rivers, briefed newsmen on the suspected illicit naira dealers in...
The Central Bank of Nigeria (CBN) on Friday offered explanation to Senate Committee on Banking, Insurance and other Financial Institutions on need for the cashless policy, limiting cash withdrawal for individuals at N100,000 and Corporate Bodies N500,000 per week. The policy, as explained by Deputy Governor of CBN on...
The House of Representatives on Thursday summoned the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emiefele over the bank’s new cash withdrawal policy. This followed the adoption of a motion of Urgent Matter of Public Importance by Rep. Aliyu Magaji (APC-Jigawa) at plenary. The House urged the governor...
By JOY ADARA, Abuja – The Abuja Chamber of Commerce and Industry (ACCI) has reacted to the new policy on cash withdrawal limits announced by the CBN, particularly on the ease and cost of doing business. The President of ACCI, Dr Al-Mutjaba Abubakar, said in a statement on Thursday...
The Central Bank of Nigeria (CBN) has announced a revision of weekly cash withdrawal limit to N100,000 for individuals and N500,000 for corporate organisations. According to a memo by Haruna Mustapha, CBN’s Director of Banking Supervision, this is sequel to the official launch of the redesigned naira notes by...
By EMMANUEL KUJE, Abuja – Human rights lawyer, Femi Falana SAN, has said the recent endorsement of naira redesign by President Muhammadu Buhari is not sufficient to legitimize naira redesign. To this end, Mr. Falana, said the printing of the new Naira without appropriation by the National Assembly may...
The naira on Friday exchanged at 445.33 to the dollar at the Investors and Exporters window, an appreciation of 0.11 per cent, compared with the 445.83 it exchanged on Thursday. The open indicative rate closed at N444.75 to the dollar on Friday. An exchange rate of N447 to the...
The Central Bank of Nigeria (CBN) says it has no plan to introduce N5,000 denominated bank note as being speculated by some sections of the society. Ahmed Umar, the Director, Currency Operations of CBN clarified this at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), for...
The Central Bank of Nigeria (CBN) says the naira redesign will encourage expanded financial inclusion and other forms of electronic transactions. Ahmed Umar, the Director, Currency Operations of CBN, said this at the 2022 workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in...
The Nigeria Deposit Insurance Corporation (NDIC) has assured bank depositors of the safety of their monies in banks even in unlikely event of bank failure. Dr Kabiru Katata, Director, Research Policy and International Relations Department of NDIC, said this on Tuesday in Port Harcourt. He gave the assurance in...