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 …
Abuja, Jan. 24, 2023 – The Senate on Tuesday urged the Central Bank of Nigeria (CBN) to extend the deadline for circulation of old naira notes to June 30, 2023. The CBN has fixed the deadline for Jan. 31,2023. This followed a motion moved by Senator Sadiq Sulaiman (APC-Kwara North) at Tuesday’s plenary.. The Senate had, on December 28, 2022, advised the CBN to extend the phasing out of old currency notes for six months. Senator Sulaiman said the call became necessary in view of the financial hardship the phasing out …
Abuja, Jan. 24, 2023 – The Monetary Policy Committee (MPC) of the Central Bank has increased the Monetary Policy Rate (MPR) from 16.5 percent to 17.5 percent. The MPR is the nominal anchor rate for commercial banks to lend to their customers. The decision was announced by Godwin Emefiele, the Governor of CBN, at a press briefing at the end of the two-day meeting of the committee in Abuja on Tuesday. It was the first meeting of the committee in 2023. (GBN)
By Tajudeen Atitebi Lagos, Jan. 24, 2023 – Nigerians are expressing fears on the possibility of the Central Bank of Nigeria (CBN) pushing enough new notes into circulation and 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 Global …
Abuja, Jan. 24, 2023 – The Federal Inland Revenue Service (FIRS) generated N10 trillion revenue in 2022, the highest in its history. The FIRS gave the figures in its “FIRS 2022 Performance Update” released in Abuja on Monday. Its Executive Chairman, Muhammad Nami, released the document to public after a briefing with President Muhammadu Buhari. FIRS said it realised N4.09 trillion in the oil sector and N5.96 trillion in the non-oil sector against a total target of N10.44 trillion. Nami said that the FIRS could not meet its target due …
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. 23, 2023 – A total of 1.241 billion shares worth N15.668 billion were traded in 18,560 deals on the Nigerian Sock Exchange last week. This was in contrast to the 1.286 billion shares valued at N29.634 billion traded in 19,816 deals in the preceding week. The Financial Services Industry (measured by volume) led the activity chart with 1.010 billion shares valued at N5.924 billion traded in 9,165 deals. These constituted 81.37 percent of the total shares traded during the week and 37.81 percent of the value. The Conglomerates …
Ibadan, Jan. 22, 2023 – The Central Bank of Nigeria (CBN) says it will not extend the January 31 deadline for collection of old naira notes. It, therefore, advised Nigerians not to wait till the date to turn in their old notes. The CBN has announced January 31, 2023 as the deadline for collection old N200, N500 and N1,000 notes. Olufolake Ogundero, the Controller, Central Bank of Nigeria, Ibadan, said this in Ibadan on Saturday during an advocacy visit on the new notes to the Olubadan of Ibadanland, Oba Lekan Balogun. …
Abuja, Jan. 20, 2023 – The Federal Government has announced a new board of directors for the newly restructured Ministry of Finance Incorporated (MOFI). Yunusa Tanko Abdullahi, a Special Adviser to the Minister of Finance, Budget and National Planning, disclosed this in a statement in Abuja on Friday. The statement said that the board of directors of MOFI would provide strategic direction and oversight, while the executive management team would drive day-to-day operations of the company. The new board is to be chaired by Dr. Shamsudeen Usman, while the new …
Abuja, Jan. 19, 2023 – President Muhammadu Buhari met with Godwin Emefiele, the Governor of Central Bank, on Thursday at the State House in Abuja This is Emefiele’s second visit to the State House after his arrival in the country on Monday. On Thursday, the CBN chief was said to be part of a delegation of the Arab Bank for Economic Development led by its Director General, Dr Sidi Ould Tah. The Global Business News (GBN) reports that Emefiele returned to the country on Monday after over spending his annual …