Emefiele begs Nigerians on naira redesign, rules out extension of 10-day ‘grace period’

The Central Bank of Nigeria, CBN Governor, Godwin Emefiele has ruled out the possibility of extending the 10-day grace for the old Naira notes to remain in circulation. He appealed to Nigerians to endure the pains emanating from difficulties in getting the newly redesigned Naira notes from financial institutions. The governor who made the appeal … Continue reading Emefiele begs Nigerians on naira redesign, rules out extension of 10-day ‘grace period’

Osibanjo: Nigerians in need of cash now

Vice President Yemi Osinbajo, SAN, has expressed concern over difficulty experienced by Nigerians in getting the new naira notes. The VP on Friday in Abuja met with some players in the FinTech space to explore possible ways of mitigating the hardship. Osinbajo urged the Central Bank of Nigeria (CBN) and banks to deploy more FinTechs … Continue reading Osibanjo: Nigerians in need of cash now

CBN directs banks to pay redesigned naira notes over-the-counter

Director Corporate Communication, CBN, Osita Nwanisobi disclosed this in a statement adding that the apex bank will collaborate with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to prosecute abuses and sellers of the naira. The headquarters of the Nigerian central … Continue reading CBN directs banks to pay redesigned naira notes over-the-counter

Atiku warns CBN against decision to extend deadline for naira swap

The Peoples Democratic Party presidential candidate, Atiku Abubakar, on Wednesday, asked the Central Bank of Nigeria not to grant a further extension after February 10 deadline for naira swap. This, he said, had become imperative to ensure the purpose and objective of initiating the redesigning of the currency are not destroyed. In a statement released … Continue reading Atiku warns CBN against decision to extend deadline for naira swap

CBN should inject more dollars to strengthen the Naira – Expert

The Nigerian naira has made a comeback rising to N730/$ after falling to 900/$ five days ago in the parallel market. Nigeria’s currency is now standing better than when the Central Bank of Nigeria, CBN, announced the date for the commencement of the naira notes redesign. Although the official rate of Naira to Dollar is … Continue reading CBN should inject more dollars to strengthen the Naira – Expert

CBN refutes claims by finance minister, says due process was followed in Naira redesign

The headquarters of the Nigerian central bank stands in Abuja, Nigeria, on Wednesday, Oct. 21, 2015. A drop in crude prices in the past year has put pressure on public finances, while the naira has declined 7 percent against the dollar this year. Photographer: George Osodi/Bloomberg The Central Bank of Nigeria (CBN) of Nigeria has … Continue reading CBN refutes claims by finance minister, says due process was followed in Naira redesign

Group backs Nigeria’s finance minister on Naira redesign, urges Buhari to sack Emefiele

Human Rights Writers Association of Nigeria (HURIWA), on Saturday, backed the Minister of Finance, Budget and National Planning, Zainab Ahmed, who warned of “serious consequences on the value of the naira against other foreign currencies” if the Central Bank of Nigeria continues with its plan to redesign the N200, N500, and N1,000 notes. HURIWA’s National … Continue reading Group backs Nigeria’s finance minister on Naira redesign, urges Buhari to sack Emefiele

Central Bank of Nigeria

NAIRA-FOR-DOLLAR: New CBN policy takes off

The Central Bank of Nigeria has said  its new ‘Naira for Dollar Scheme” which  takes effect today, would  provide Nigerians in the Diaspora with cheaper and more convenient ways of sending remittances to Nigeria. The policy, which gives N5 rebate for every $1 sent by Nigerians in the diaspora  to the country,  will be paid … Continue reading NAIRA-FOR-DOLLAR: New CBN policy takes off

CBN sets N2b benchmark for Mobile Money Operators (MMOs)

Mobile Money Operators (MMOs) are to maintain a minimum of N2 billion capital base, the Central Bank of Nigeria (CBN) has directed in a circular signed by its Director, Payments System Management Department, Musa Jimoh. They have also been authorised by the apex bank to hold customers’ funds under its new licencing framework. According to … Continue reading CBN sets N2b benchmark for Mobile Money Operators (MMOs)

An Overview of Small and Medium-scale Enterprises (SMEs) in Nigeria

  CHAPTER TWO LITERATURE REVIEW 2.1 AN OVERVIEW OF SMALL AND MEDIUM-SCALE ENTERPRISES (SMEs) SMEs stimulate economic development by facilitating productive activities in different sectors of the economy. It increases National Income (NI) and enables equitable distribution of wealth through employment, industrial linkages, export promotion and value creation for investors, customers and stakeholders, including the … Continue reading An Overview of Small and Medium-scale Enterprises (SMEs) in Nigeria

CBN refunds N6.8bn excess charges to retail bank customers

  The Central Bank of Nigeria, CBN, yesterday, disclosed that commercial banks have refunded N6.8 billion excess charges to their customers in the first half of 2018 (H1’18), the Vanguard reports. The apex bank disclosed this in its half year, 2018 economic review report. The CBN report showed that the N6.8 billion excess charges refunded … Continue reading CBN refunds N6.8bn excess charges to retail bank customers

The Central Bank Of Nigeria Orders Bankers To Declare Assets.

The Central Bank of Nigeria has ordered workers in all 19 Deposit Money Banks in the Nigeria to declare their assets. Image: Former Zenith Bank Boss and now CBN Governor Godwin Emefiele. Four weeks ago, a letter was sent from the Banking Supervision Department of the CBN to all the 19 commercial banks in Nigeria informing … Continue reading The Central Bank Of Nigeria Orders Bankers To Declare Assets.