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Nigeria’s gas revolution will lift West Africa’s energy

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Tag: Naira Scarcity

ASSBIFI halts strike, mandates banks to reopen
Banking featured

ASSBIFI halts strike, mandates banks to reopen

Commercial banks have been ordered to comtinue operations as of Monday, February 20, 2023, according to a statement from the Association of Senior Staff of Banks, Insurers, and Financial Institutions. The association announced this while delaying the start of its planned strike action on Monday. Recall that there were numerous instances of protests and bank […]

Ex-ANAN president, Dr. Samuel Nzekwe
Banking

Bank vandalism not solution to naira scarcity – Ex-ANAN president

Wilson Adekumola     The Former President, Association of National Accountants of Nigeria, Dr Samuel Nzekwe has admonished the protesters across the country against destroying Government and bank properties, saying bank vandalism is not a solution to naira scarcity.     Nzekwe gave this admonition while speaking with journalists on Sunday in Ota, Ogun State […]

The snippet of the CBN's registration portal dashboard
Business

Old naira: What to know about CBN’s deposit portal

The Central Bank of Nigeria on Wednesday launched an online portal as one of the measures to ease the hardship caused by the scarcity of new naira notes. The aim of the portal is to redeem the old N1000 and N500 cash still held by Nigerians and facilitate the process of depositing the cash in […]

The old 500 and 1000 naira noted
Business

Banks collect old N500, N1000 despite CBN order

Wilson Adekumola Some commercial banks on Saturday morning were reportedly collecting the old N500 and N1,000 notes from customers despite the order of the Central Bank of Nigeria order. This came barely 24 hours after the CBN debunked the rumours that it had instructed commercial banks to collect the old N5,00 and N1,000 notes from […]

The old 500 and 1000 naira noted
Business

Old naira: Buhari, CBN, govs throw Nigerians into confusion

El-Rufai, Ganduje, Abiodun disregard Buhari’s order… Nigerians have been thrown into a state of confusion by the President, Major General Muhammadu Buhari, the Central Bank of Nigeria and some state governors owing to their conflicting positions on the old and new naira policy. Punch Metro reported that Buhari on Thursday ordered the CBN to allow […]

The old 500 and 1000 naira noted
Business

CBN orders banks to collect the N500, N1000 notes

The Central Bank of Nigeria has ordered commercial banks to collect the N500 and N1000 notes from people as deposits, with immediate effect. However, the apex bank still stands on the fact that the old N500 and N1000 are no longer legal tender. Meanwhile, they are still redeemable when taken to commercial banks. CBN pegged […]

President of the MAN, Francise Meshioye
Business featured

Naira scarcity disrupting businesses, manufacturers lament  

The Manufacturers Association of Nigeria has said the scarcity of naira has disrupted the proper movement of goods which is adversely affecting businesses. The Association’s president, Otunba Francis Meshioye, made this statement on Tuesday while he interacted with journalists in Lagos. According to The Punch, Meshioye said the scarcity of naira and resultant traffic on […]

Buhari to inaugurate Dala International Inland Dry Port on Jan. 30
Business

Buhari approves old N200 note as legal tender till April 10

The President, Major General Muhammadu Buhari (retd), has given the Central Bank of Nigeria the order to allow the use of the old N200 note alongside the new ones until April 10, 2023. This was said in the early hours of Thursday as the president addressed Nigerians live on a nationalbroadcast. He emphasised that Nigerians […]

A photo of the governor of Kano State, Dr Abdullahi Gandjue
Business

Reject old naira notes, be sanctioned, Ganduje warns businesses

The Governor of Kano State, Abdullahi Ganduje has said that banks and businesses rejecting the old naira notes will face sanctions. Am Business reported that the Supreme Court gave a ruling order that has constrained the Central Bank of Nigeria from implementing the extended deadline of February 10 because of the naira crunch. Ganduje cited […]