Global Business News
Global Business News
Global Business News
Abuja, Jan, 24, 2023 – The Central Bank of Nigeria (CBN) says it has no plans to extend the January 31st deadline for replacing old naira notes. Godwin Emefiele, the Governor of the CBN, announced this at a press briefing after the meeting of the Monetary Policy Committee (MPC) in Abuja on Tuesday. He said there was no need for a change of the deadline date since there were no indications that customers had issues depositing the old notes. Emefiele said he had not seen any rush by customer to …
By Tajudeen Atitebi Lagos, Jan. 23, 2023 – Nigerians have started expressing fears on the possibility of the Central Bank of Nigeria (CBN) pushing enough new notes into circulation to make the old notes illegal by the deadline. The apex bank has fixed Jan. 31, 2023 as the deadline by which it would have pushed enough new notes into circulation to stop the old notes as Nigerian legal tender. Many residents in Lagos said it was doubtful if the apex bank could achieve this feat given the current situation. The …
Lagos, Jan. 19, 2023 – The Nigeria Customs Service (NCS) in Murtala Muhammed International Airport (MMIA) generated N20.9 billion revenue in 2022. This is an increase over the N19 billion generated in 2021. Juliana Tomo, the Spokesperson for the Command, said in a statement that the revenue figure also represented an improvement of N1,849,747,265.85 when compared to that of the previous year. The statement quoted Mohammed Gidado, the Customs Area Controller (CAC), as saying that the revenue improvement was made possible due to an improved integrity of passengers in the …
Abuja, Dec.23, 2022 – Aisha Ahmad, a Deputy Governor in the Central Bank of Nigeria (CBN), on Thursday said the apex bank ordered for printing of 500 million pieces of redesigned naira notes. “We ordered for 500 million pieces of currency from the Mint. That was what we ordered,” she said. Ahmad said this while briefing lawmakers at the National Assembly on the newly redesigned naira notes and CBN new policy on limited cash withdrawal. She also said that the cashless policy and naira redesign by the CBN were not …
Lagos, Dec. 6, 2022 – The Central Bank of Nigeria (CBN) today introduced a new policy limiting over-the-counter cash withdrawals per week. The CBN has directed banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities should not exceed N100, 000 and N500, 000, respectively, per week. The cash withdrawal limits is contained in a circular issued today by the apex bank will take effect nationwide on January 9, 2023. The new policy is coming barely weeks after President Muhammadu Buhari launched the newly …
Abuja, Nov. 24,2022 – Mr Godwin Emefiele,, the Governor of the Central Bank of Nigeria (CBN), says the apex bank will involve all the security agencies in the country in tracking the new naira notes. He said that agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission would also be involved in monitoring large withdrawals and movement of the new naira notes. Emefiele said in Abuja on Wednesday that the amount of money that could be withdrawn from the counter would be …
Abuja, Nov. 23, 2022 – President Muhammadu Buhari today unveiled the new naira notes as proposed by the Central Bank of Nigeria. He unveiled the new currency notes at the Federal Executive Council (FEC) meeting at the State House, Abuja. The central bank announced that it would redesign the naira notes in order to control the amount of currency in circulation, manage inflation and combat counterfeiting. “These challenges primarily include significant hoarding of banknotes by members of the public with statistics showing that over 85 percent of currency in circulation …