Business

The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with the National Pensions Commissions (Pencom) on areas that would assist in further deepening the commodities ecosystem. Director General of the SEC, Mr. Lamido Yuguda stated this when the management of the Commission along with the Lagos Futures and Commodities Exchange (LFCE) held a meeting with Pencom in…

Few days to go before Nigeria’s highly anticipated general elections, domestic investors in the local bourse are scooping up positions in stocks, shunning potential risks from the impacts of voter’s choices. Nigerian Exchange Limited (NGX) All-Share Index (ASI) is up 5.80per cent already in 2023 as at close of market on February 20, maintaining a bullish run from September 2022.…

The Central Bank of Nigeria (CBN) on Tuesday denied receiving presidential orders to reissue the old N200, N500 and N1000 naira notes. The denial was a reaction to an alleged press statement purportedly from the apex bank circulating on social media. The press release reads: “Due to the current and unpleasant situation happening in Nigeria, in line with Mr. President…

Commercial banks on Saturday allowed their customers to deposit their old N500 and N,1000 notes in an apparent disobedience to the directive of the Federal Government and Central Bank of Nigeria (CBN), according to findings by Western Post. The CBN on Friday in line with President Muhammadu Buhari’s directive authorized the banks to suspend the collection of the old N500…

The Central Bank of Nigeria (CBN) has debunked online reports, which said it directed banks to collect old N500 and N1000 banknotes from customers. Numerous online platforms and prints on Friday reported that the CBN makes a U-turn and directed banks to start collecting the old naira banknotes amid nationwide protests. CBN orders banks to collect old N500, N1,000 notes:…

First Bank of Nigeria Limited on Friday directed its customers with over N500,000 old naira notes to deposit it at the Central Bank of Nigeria (CBN). The CBN ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect amid unrest in major cities in the country. First Bank, one of the oldest banks…

The Central Bank of Nigeria (CBN) has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were no more legal tender. Punch quoting a source from the bank said the CBN ordered the…

Fitch Ratings has said the cash scarcity in Nigeria may reduce consumer spending and boost demand for foreign currency. This was contained in its latest report titled: ‘Nigeria’s Economic Challenges Highlight Importance of Post-Election Policies’. The global credit ratings agency, said it was not yet clear whether there would be long-term economic benefits of the naira redesign policy, such as…

The Director General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has enjoined the management of the Lagos Free Zone to step up their investor enlightenment campaign as the company prepares to access the capital market. Yuguda who stated this during a meeting between the SEC, the Nigeria Export Processing Zones Authority and the Lagos Free Zone in…

Angry youths in Warri, Delta State, on Wednesday set fire to one of the branches of Access Bank plc while protesting against the persistent scarcity of the Naira notes that has forced many businesses across the country to shut down. This was captured in viral videos showing the angry youths protesting around Udu road axis disrupting the vehicle movements and…