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Tag: Naira

FG to restart cash transfers to poor Nigerians
Business

How naira scarcity could impact private businesses – Report

Bisola David Stanbic IBTC Bank’s February Purchasing Managers’ Index has revealed that the private sector may have suffered midway through the first quarter of the year as a result of the nationwide cash shortage in February.   According to The Punch, the headline PMI fell below the no-change threshold of 50.0 in February, registering 44.7 compared […]

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

Zenith Bank to begin operation as HoldingCo

Zenith Bank PLC has received approval in principle from the Central Bank of Nigeria to operate as a financial holding company. The Punch reported that Zenith Bank disclosed  plans to change its organisational structure in a statement signed by the Company Secretary, Michael Otu, on Friday to Nigerian Exchange Limited. With this modification, the organization […]

Court Symbol of Justice
Business

Mixed reactions as S’Court reverses Buhari, CBN new, old naira order

There have been mixed reactions from Nigerians as the Supreme Court of Nigeria on Friday declared the Federal Government’s cashless and Naira redesign policy invalid, declaring it as an affront to the 1999 Constitution. This publication recalls a suit was filed by Zamfara, Kogi and Kaduna state governments against the Attorney-General of the Federation on […]

Court Symbol of Justice
Business

New naira: Supreme Court passes verdict on Friday

Supreme Court is said to pass its verdict today (Friday) on a suit instituted by some state governments against the Federal Government on the Naira re-design and cashless policy. This publication recalls that the Supreme Court’s seven-man panel of Justices led by Justice John Inyang Okoro had on Wednesday, February 22 adjourned the case of […]

Logo and the photo of the Central Bank of Nigeria's building
Business

Elections: No plans to shut down bank transactions, CBN insists

The Central Bank of Nigeria has debunked rumours spreading that it plans to shut down bank transactions from February 23 to February 27, 2023 because of the forth coming election. This fake new was confirmed on the verified Instagram account of the apex bank on Wednesday where it advised Nigerians to be “wary of fake […]

Court Symbol of Justice
Business

Naira redesign suit against FG resumes Wednesday 

The Supreme Court’s hearing over naira redesign which was adjourned after a session on February 17 will resume today (Wednesday). This publication recalls a suit was filed by Zamfara, Kogi and Kaduna state governments against the Attorney-General of the Federation on February 3. Other states like Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto […]

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 […]

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