Business

The Central Bank of Nigeria (CBN) said old naira notes of N‎200, N‎500, and N‎1000 notes are no longer legal tender in the country. CBN Branch Controller in Bauchi, Haladu Idris Andaza, while speaking to journalists made the disclosure. “In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational…

The Central Bank of Nigeria (CBN) on Saturday debunked reports that Nigerian Security Printing and Minting Company Plc (NSPMC) is facing challenges with materials needed to print new naira notes. The Director, Corporate Communications, CBN, Mr.  Osita Nwanisobi in a statement said the  report was attributed to the governor of the apex bank, Mr. Godwin Emefiele during the presentation to…

Despite severe competition in the payment service space, six banks generated N60.4billion from customer account maintenance charges and commissions on electronic-banking activities in 2022 financial year. This is an increase of 15 per cent from N52.67billion reported in 2021 financial year. The banks are: Fidelity Bank Plc, Sterling Bank Plc, FCMB Group Plc, Unity Bank Plc, Stanbic IBTC Holdings and…

The equities market of the Nigerian Exchange Limited (NGX) on Thursday returned to negative position with 0.12 per cent decline on losses in 17 stocks. The All Share Index (ASI) fell by 67.15 basis points or 0.12 per cent to close at 54,359.90 basis points, while investors lost N37 billion in value as market capitalisation declined to N29.608 trillion. The downturn…

The equities market of the Nigerian Exchange Limited (NGX) on Wednesday rebounded after previous day’s pullback as investors’ investment went up by N69 billion. The All Share Index (ASI) rose by 127.29 basis points or 0.23 per cent to close at 54,427.05 basis points. Accordingly, investors gained N69 billion in value as market capitalisation went up to N29.645 trillion. However,…

The International Monetary Fund (IMF) has urged the Federal Government and the Central Bank of Nigeria (CBN) to further extend the February 10 deadline for withdrawal of old naira notes, citing hardships caused by shortage of the  new bank notes available to the public. In a statement on Wednesday, the Resident Representative of the global lender, noted the hardships caused…

The equities market on Monday relapsed by N37 billion, halting six days of successive rally on the Nigerian Exchange Limited (NGX) following profit-taking activity. In summary, the All-Share Index (ASI) declined by 67.98 basis points or 0.13 per cent to close at 54,299.76 basis points. Similarly, the overall market capitalization value lost N37 billion to close at N29.576 trillion. The…

Zenith Bank Plc on Tuesday closed some of its branches across the country due to lack of new naira notes and an attack on its network by desperate Nigerians looking to exchange their old currency for the newly redesigned banknotes. unconfirmed video The Central Bank of Nigeria (CBN) has not been able to supply enough cash for its large customer…

Access Bank customers are in for a treat this Valentine season, as the retail giant is offering several discounts and mouth-watering freebies on its retail products and services to celebrate customers in this season of love. The Valentine season campaign, tagged “Love is More,” will run from February 1 through March 11, 2023. Robert Giles, senior retail advisor, retail banking,…

The domestic equities market on Monday extended gains from last week as the market capitalisation closed N81billion stronger on buying interests in MTN Nigeria Communications (MTNN) Plc and 15 others. The All Share Index (ASI) rose by 154.65 absolute points, representing a gain of 0.29 per cent to close at 53,157.83 points. Accordingly, investors gained N81billion in value as market…