Business

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…

The National Bureau of Statistics (NBS) on Wednesday disclosed that Nigeria’s headline inflation advanced by 47 basis points in January 2023 to 21.82per cent from 21.34 per cent reported in December 2022. According to the report, food inflation increased to its highest level since October 2005 (24.56per cent), rising by 56 basis points to 24.32per cent from 23.75per cent in…

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…