Money market

Lagos, Jan. 30, 2022 – The United Bank for Africa (UBA) has appointed Mrs Abiola Bawuah, a Ghanaian, as its new Chief Executive Officer.  A statement from the bank said Bawuah would oversee the bank’s operations across Africa, excluding Nigeria.  According the statement, Bawuah is the first female chief executive of UBA Africa and her appointment demonstrates the bank’s commitment to diversity. There are now eight female directors in UBA Group. Bawuah was before her appointment, the UBA’s Regional CEO for West Africa, managing the bank’s operations in nine subsidiaries …

Abuja, Jan. 29, 2023 – The Central Bank of Nigeria (CBN) has extended the deadline on the expiration of the old naira notes to Feb. 10, 2023. The apex bank said this in a statement on Sunday that the decision was taken at a meeting with President Mohamadu Buhari on Sunday morning. It also said that a seven-day grace period had been granted after the expiration of the extension to Feb, 17, 2023 to allow Nigerians to deposit their old notes at the CBN after the deadline. It said that …

By Tajudeen Atitebi Lagos, Jan. 28, 2023 – Many customers who went to their banks in Lagos to withdraw new naira notes on Saturday said they were disappointed as the ATMs of all the banks did not work in spite of many promises of the central bank. Some customers, who said they came to banks as early as 7.00 am ,were still in their branches as at 10.00 am when a correspondent of Global Business news (GBN) visited. Some of the customers said they had made several attempts to get …

Katsina, Jan. 28, 2028 – The Central Bank of Nigeria (CBN) has allocated N120 million new currency notes to four banks for disbursement to people in Katsina State through cash-swap agents. Ahmed Bello-Umar, the Director, currency operations of the CBN, said this while briefing journalists in Katsina on Saturday. According to him, the aim of engaging the agents with the relevant licenses is to reduce the challenges of accessing the new currencies in some communities, especially the rural areas. “We had engagement with agents; in Katsina we have agents working …

Abuja, Jan. 28, 2023 – The Central Bank of Nigeria (CBN) says it has appointed 200 cash swap agents in Jigawa State. Amina Habib, the CBN Director Human Resource, said this at a news conference on in Dutse on Saturday. She said that the cash swap was started in the rural areas on Monday as part of plans to phase out old naira notes and enhance the collection of new banknotes. She said the daily cash swap limit was N10, 000 and transfer per head, adding that any amount above …

Abuja, Jan 27, 2023 – The Federal Government has extended the deadline for the registration of Digital Money Lenders, otherwise called loan apps in Nigeria, to March 27, 2023. Babatunde Irukera, the Chief Executive of the Federal Competition and Consumer Protection Commission (FCCPC) announced the extension in a statement in Abuja on Friday.  The extension is coming few days before the January 31st deadline, which is also an extension from the first deadline of November 14, 2022.   The statement said that: “On December 6, 2022, in furtherance of the collaboration of …

Abuja, Jan. 27, 2023 – Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has formally unveiled the Nigerian National Domestic Card Scheme, known as AfriGo, in a move to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria. Unveiling the first Central Bank-led domestic scheme card scheme in Africa in a virtual ceremony on Thursday, Jan. 26, 2023, Emefiele said the new card scheme, done in collaboration with the Nigeria Inter-bank Settlement System (NIBSS), would provide more options for domestic consumers, …

Abuja, Jan. 24, 2023 – Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says the total revenue collected as stamp duty between 2016 and 2022 is N370.686 billion He said the money was not N89 trillion as claimed by Muhammed Kazaure, a member of the House of Representatives, in a petition to the president in 2022. Emefiele made the declaration in Abuja on Tuesday at a press briefing after the meeting of the Monetary Policy Committee. He said that the CBN was not withholding N89 trillion. Emefiele said …