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Trapped funds: CBN to give foreign airlines $150m
Aviation

Trapped funds: CBN to give foreign airlines $150m

The Central Bank of Nigeria has decided to proceed with plans to release another $150 million in frozen cash to international airlines. Although, CBN Governor, Godwin Emefiele, announced on Monday that the bank would release $120 million in trapped funds owed to foreign airlines operating in the nation, a source with one of the airlines […]

UBA opens to customers Saturday for old naira notes
Banking

UBA opens to customers Saturday for old naira notes

To ensure a smooth process for clients to return the old Naira notes they may still have in their possession, the United Bank for Africa Plc has modified its banking hours. According to TheNewsGuru, this was stated in a statement issued by the bank in response to a recent development at the Central Bank of […]

Zenith Bank's Q3 earnings hit N620.6bn
Banking

Zenith Bank’s Q3 earnings hit N620.6bn

Zenith Bank Plc stated that its gross earnings increased 20 per cent in the third quarter of 2022 to N620.6bn from N518.7bn in the third quarter of 2021, indicating macroeconomic stability. According to The PUNCH, it was disclosed in its non-validated results for the third quarter statement highlighted ‘Zenith Bank surmounts macroeconomic headwinds with double-digit […]

Access Bank nears completion of National Bank of Kenya acquisition
Banking

Nigeria resources enough to end economic crisis – Access Bank chair

The Chairman Of Access Bank Plc, Mrs. Dere Awosika, said that the Federal Government, with resources appropriation, has the power to resolve its fiscal problems. Awosika made this known while addressing the 22nd edition of NECCI Public Relations Roundtable in Lagos State on the theme, ‘Danger of a Single Story: Communication and Reputational Crisis in […]

New naira: Beware of currency hoarders, EFCC warns BDC operators
Economy

New naira: Beware of currency hoarders, EFCC warns BDC operators

The Economic and Financial Crimes Commission has urged Bureau de Change operators to be wary of currency hoarders who would attempt to offload the currencies they had illegally stashed away. The EFCC made this known in a statement released on Wednesday while backing the Central Bank of Nigeria’s plan to redesign the naira notes. While […]

New naira'll make ransom payment difficult - CBN
Banking

New naira’ll make ransom payment difficult – CBN

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that the payment of ransom to kidnappers and criminal elements will be difficult once it introduces the new naira notes. AMBusiness reported that the apex bank on Wednesday announced the plan to redesign the N200, N500, and N1,000 notes by December 15. The […]

'Remove Arabic inscriptions from new naira notes'
Opinion

‘Remove Arabic inscriptions from new naira notes’

The Central Bank of Nigeria has been asked to remove the Arabic inscription from the redesigned naira notes. A Senior Special Assistant to the Governor, Benue State, on Media and Publicity, Tever Akase, said all Nigerian languages should be on the currencies, not Arabic. In a tweet, via his offcial Twitter handle, Akase lamented that […]

Energy

Power generation hits 4,173.20MW in 24 hours

The Nigerian energy supply increased to 4,173.20Mw on Wednesday from a total of 2,931Mw on Tuesday, reports have revealed. According to Economic Confidential, only 17 power plants were in functioning as of Tuesday because several Generation Companies were told to shut down starting at midnight by the National Control Center, Oshogbo, due to high frequency. […]

'Remove Arabic inscriptions from new naira notes'
Banking

CBN to redesign naira notes

The Central Bank of Nigeria announced plans to redesign the N200, N500, and N1000 notes. CBN Governor, Godwin Emefiele, made the announcement during a special briefing on Wednesday. The intention behind this move is yet to be known as of the time of filing this report. More to come…

100% cashless economy possible in Nigeria - Emefiele
Banking

100% cashless economy possible in Nigeria – Emefiele

The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that the goal of the apex bank to make Nigeria 100 per cent cashless is achievable. As the eNaira recorded over N8 billion in transactions in its first year of operation, Emefiele revealed that the CBN is committed to taking decisive steps in […]

Naira falls N777 against dollar after CBN announcement
News

Naira drops marginally against dollar, exchanges at N441.67

The Naira depreciated by 0.07 per cent on Tuesday, trading for 441.67 Naira to 1 USD at the Investors and exporters window, compared to N441.38 Naira to 1 USD on Monday. According to The News Agency of Nigeria, the open indicative rate reached a high of N440.58 to the dollar. In the course of Tuesday’s […]

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