Economy
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LIRS boss, Ayodele Subair, bags Vanguard’s Public Sector Icon award
Executive Chairman, Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has been conferred with the 2022 Public Sector Icon of the year at the 11th edition of the Vanguard Personality of the Year Award held at the Eko Hotels and Suites, Victoria Island, Lagos on Friday, January 27, 2023. The glamorous ceremony chaired by Mrs Ajoritsedere Awosika, Chairman of…
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DSS arrests syndicates selling redesigned naira notes
The Department of State Services says it has arrested members of syndicates who sell the redesigned naira notes. The DSS announced this in a statement on Monday. It said investigations show they were being aided by officials of commercial banks in the country. The statement reads: “The Department of State Services hereby informs the public that it has intercepted some…
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75% of N2.7trn held outside banking system recovered, Emefiele reveals
The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele on Sunday disclosed that 75 per cent of the N2.7trillion held outside the banking system has been recovered. The naira redesign was greeted by criticism by some Nigerians, including the presidential candidate of the ruling All Progressives Congress (APC), saying the policy was intended to scuttle his presidential ambition. According…
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BREAKING: CBN bows to pressure, extends deadline for old naira notes to Feb 10
The Central Bank of Nigeria (CBN) has finally extended the deadline for the exchange of old naira notes by 10 days. A statement issued by CBN Governor, Mr. Godwin Emefiele on Sunday said the new deadline is February 10, 2023. Emefiele at the first Monetary Policy Meeting (MPC) of CBN had insisted that the deadline for the return of old…
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Cross-border smuggling hampering fuel distribution – FG
The Federal Government says the current Premuim Motor Spirit (PMS) distribution hitch is heightened by the activities of cross-border smugglers who divert petroleum products to sell at higher prices in neighbouring countries. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) made this known in an update it issued on Friday on the supply and distribution of PMS nationwide. It…
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Government will eliminate squeeze, chaos in currency swap, Buhari assures
President Muhammadu Buhari, Saturday assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly. Reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger…
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Naira redesign: Atiku urges CBN to extend deadline for ordinary Nigerians
The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar has urged the Central Bank of Nigeria to extend its deadline for the phasing out of old naira notes. The CBN had insisted that the old N200, N500 and N1000 notes will cease to be legal tender as from January 31, 2023, urging all Nigerians to deposits their old…
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Why Lekki Deep Sea Port is game changer for economy – BMO
The $1.5billion Lekki Deep Sea Port is a confirmation of President Muhammad Buhari’s commitment to boosting the country’s economy through infrastructural development. According to the Buhari Media Organisation (BMO), it is a game changer and yet another legacy that the President would be fondly remembered for. BMO, in a statement signed by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke,…
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Currency in circulation drops to N3.01trn in 2022 over CBN’s tightening policy
Amid its tightening polices on the inflation rate and strengthening the local currency against other currencies, the Central Bank of Nigeria (CBN) has revealed that currency in circulation dropped to N3.01trillion in December 2022 from N3.33trillion in December 2021. The latest CBN “money and credit statistics” revealed that currency in circulation dropped by 9.42per cent or N313.1 billion Year-on-Year (YoY).…
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January 31 deadline for old naira notes remains – Emefiele
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the January 31 deadline to stop the circulation of old Naira notes remains. Mr Emefiele gave the clarification on Tuesday in Abuja, after the Monetary Policy Committee (MPC), meeting of the apex bank. According to him, the 90 days window given by the CBN for Nigerians to deposit their…
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