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General News Money market

New Notes: Nigerians express fears on CBN deadline

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 …

Money market

FIRS generated N10tn revenue in 2022 – official

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 …

Currencies Money market

CBN Deadline: Nigerians express fears on possibility

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 …

Money market

Nigerian Exchange trades N15.668 billion shares

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 …

Money market

Old notes: CBN won’t extend Jan. 31 deadline

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. …

Money market

Shamsudeen Usman chairs new board of MOFI

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 …

Money market Politics

President Buhari meets with Emefiele in Abuja

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 …

General News Money market

CBN has waved conditions for accessing new notes – Emefiele

Lagos, Jan. 19, 2023 – Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says the apex bank has waived some of the conditions for accessing the new bank notes by commercial banks. He said this at a sensitisation tour on the redesigned naira notes at Computer Village, Ikeja in Lagos. Emefiele was represented by CBN Director of Legal Services Department, Mr Kofo Salam-Alada,  He said that, before now, commercial banks were given slots, but the CBN had bended over backwards to accommodate the banks’ demands. Emefiele said that the …

Money market Politics

Governors’ Forum to meet Emefiele on CBN policies

Abuja, Jan 18, 2023 – The Nigeria Governors’ Forum (NGF) will on Thursday meet with Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN) on some of the bank’s recent policies. Abdulrazaque Bello-Barkindo, the Spokesman for NGF, said on Tuesday night that the governors’ plan was to engage Emefiele on the economic and security implications of naira redesign and withdrawal policy. He said the NGF Chairman, Governor Aminu Tambuwal of Sokoto State, had sent an invitation to Emefiele on the meeting to be held virtually at 9.00 pm on Thursday. …

Money market

Emefiele resumes duty after annual leave

Abuja, Jan. 17, 2023 – The Governor of Central Bank of Nigeria, Mr Godwin Emefiele, has resumed duty after his annual vacation abroad. A statement signed  by the CBN Director of Corporate Communications, Osita Nwanisobi, said Emefiele, who proceeded on leave in December 2022, resumed work on Monday, January 16, 2023. “The Governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023. “Mr. Emefiele remains committed to performing the task before him …