Business Archives - Page 20 of 24

Mar

11

2023

Naira Redesign: Kogi govt orders arrest of persons, businesses rejecting old naira notes

Business, Economy, Lifestyle, Metro, PoliticsBusiness, Economy, Metro, Next Level, Nigeria, Politics, Yahaya Bello

The Kogi State Government on Friday ordered the arrest and prosecution of individuals and businesses rejecting the old naira notes. A statement by Commissioner for Information, Kingsley Fanwo congratulated Nigerians on the “historic ruling of the Supreme Court”. The apex court last week ruled that both the old and new naira notes remain legal tenders until December 31, 2023. Fanwo explained that the Yahaya Bello administration joined other states to pursue the case to ease the hardship occasioned by the unavailability of cash. He said it was unacceptable that some persons and businesses continue to reject the old notes, even…

Feb

02

2023

By Amos Oge Kalu

Atiku Accuses Election Riggers Of Pushing CBN To Extend Use Of Old Naira Notes

Abia State, Economy, Metro, Opinion, Politics2023, Atiku Abubakar, Business, Economy, Metro, Next Level, Nigeria, Opinion, Politics

The Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar, has called on the Central Bank of Nigeria, CBN, not to postpone the old naira regime deadline after February 10. This was disclosed in a statement issued on Wednesday by the Atiku campaign council. Atiku said vote riggers aim to push the CBN to extend the date till after the 25 February and 11 March general elections to achieve their aims. The former vice president asked the apex bank to immediately examine the measures it has put in place to ensure the circulation of the new naira notes and ease the…

Jan

29

2023

By Amos Oge Kalu

Old Naira deadline is Feb.10, deposit to continue till 17th February – CBN.

Business, Economy, Lifestyle, Metro, Politics2023, Business, CBN, Economy, Emefiele, Metro, Nigeria, Politics

The Central Bank of Nigeria has extended the deadline for the swapping of old naira notes with the redesigned ones till February 10, 2023. The CBN stated this in a release on Sunday. The apex bank said it added “a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes.” This is according to the CBN governor, Godwin Emefiele. He also noted that Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023, described as “grace period.” There has been…

Dec

20

2022

By Amos Oge Kalu

Withdrawal Limit: I am not available to brief you – Emefiele writes Reps

Business, Economy, News, OpinionBusiness, CBN, Economy, Emefiele, National Assembly, Nigeria, Representatives

The Central Bank Governor, Godwin Emefiele has once again failed to appear before the House of Representatives over the cash withdrawal limit policy of the CBN. The CBN Governor, in a letter written by the Deputy Governor, of Corporate Services, Edward Adamu, said he is currently outside the country for an official assignment. He stated that he will communicate with the House on an appropriate date. “Regrettably, the governor is unavailable to brief the House of Representatives at this time, because he has other scheduled official engagements he is currently addressing abroad. ”Accordingly, he has requested that we respectively convey…

Dec

20

2022

By Amos Oge Kalu

World Bank warns CBN on negative impact of Naira redesign on economy, poor households

Business, Economy, Lifestyle, NewsBusiness, Economy, Lifestyle, Opinion

The World Bank has warned that the time and short transition period to the redesigned naira notes will have a negative impact on economic activities and in particular the poorest households. The redesigned N200, N500, and N1000 naira notes came into circulation on Thursday, December 15th while the old ones will cease to be legal tenders from January 31st of next year. The World in its latest Nigeria Development Update, December 2022, agreed with the Central Bank of Nigeria, CBN, that the need to redesign the nation’s currency is overdue noting the naira has not been redesigned for two decades.…