CBN
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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…
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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. He said: “The Central Bank of…
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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…
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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…
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The Central Bank of Nigeria (CBN) of Nigeria has insisted it followed the law and due process to carry out the planned redesign of new Naira notes, which it said is 12 years overdue. The apex bank’s reaction follows claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was…
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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…
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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…
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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…
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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…
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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…
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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…
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