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...
CBN
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...
Mr Suleiman Lawal, a Lecturer at the Economics Department, Umaru Musa Yar’adua University, Katsina (UMYU), said the Naira notes redesign policy would assist in curbing inflation in the country. Lawal made the assertion in an interview with the News Agency of Nigeria (NAN) on Monday in Katsina. It would...
The naira on Wednesday depreciated against the dollar at the Investors and Exporters window, exchanging at N446. The figure represents an appreciation of 0.11 per cent compared with N445.50 to dollar it exchanged on Tuesday. The open indicative rate closed at N444.17 to the dollar on Wednesday. An exchange...
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says with the introduction of the redesigned Naira notes, no individual or organisation will be allowed to withdraw huge cash without being interrogated from relevant anti-corruption agencies. Emefiele stated this when he fielded questions from State House correspondents on...
By DAVID IORJA, Abuja – President Muhammadu Buhari on Wednesday in Abuja launched the new Naira banknotes, expressing delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC. Speaking at the launch of the new banknotes, which preceded the Federal Executive Council...
President Muhammadu Buhari has unveiled the redesigned naira notes of N200, N500 and N1000 at the Council Chamber of the Presidential Villa Abuja on Wednesday. The News Agency of Nigeria (NAN) reports the unveiling of the naira notes preceded the virtual meeting of the Federal Executive Council (FEC) with...
By MBAFAN ADE, Abuja – Nigerian banks have announced modifications to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies. This is just as the Central Bank of Nigeria (CBN), has instructed commercial banks in the country to work on Saturdays till Jan. 31, 2023, to...
The Central Bank of Nigeria (CBN) has instructed commercial banks in the country to work on Saturdays till Jan. 31, 2023, to enable bank customers return old naira notes for new ones. Mr Osita Nwasinobi, the Director, Corporate Communications Department of the apex bank, stated this at the CBN...