The Central Bank of Nigeria has said that a press release posted on First Lady Aisha Buhari’s Instagram page is not true. A message posted on Aisha’s page on Tuesday said the old N500 and N1000 banknotes will remain legal tender for the next 70 days, until May 1, 2023. Aisha.
“For the avoidance of doubt, following the President’s speech on February 16, 2023, CBN was instructed to…
The Central Bank of Nigeria has threatened to investigate, arrest and prosecute anyone spreading fake news about the naira redesign policy.
This threat was contained in a statement on Tuesday jointly signed by the CBN’s Deputy Governor, Corporate Services, Edward Adamu…
Nigeria’s foreign exchange reserves fell $427.14 million this month, data from the Nigerian Central Bank showed on Monday. This is due to the fact that the currency crisis in the country was exacerbated by the shortage of new naira banknotes.
According to CBN’s…
Despite the introduction of cashless payment systems in many parts of Nigeria, Nigerian railway companies insist on paying for their operations in cash, especially on the Lagos-Ibadan route.
While other companies have explored POS services and online banking, it has been observed that NRC officials do not accept wire transfers or use PoS services.
The cash desk at the Mobolaji Johnson station in…
Six people have died in the earthquake that hit the Syrian-Turkish border on Monday, just two weeks after more than 47,000 people died and hundreds of thousands of homes were destroyed.
The latest quake measuring 6.4 on the Richter scale struck near the city of Antakya in…
Lagos State governmentis set to commence rehabilitation of wastewater infrastructure in Abesan, which is structured to be executed in phases.
General Manager, Wastewater Management Office (LSWMO), Adebola M. Matanmi stated this during a meeting with the Abesan Estate…
The Fintech Association of Nigeria has stated that challenges with the execution of the country’s cashless policy may erode customers’ trust in the banking system.
It said increasing merchants’ demand for cash payment despite empty ATMs, putting overwhelming pressure on digital channels and causing PoS charges to inch closer to 50 per cent.
According to the association, a cashless policy…
Many Nigerians are still paying far above N185 per litre approved pump price of petrol amid fuel scarcity, a report of the National Bureau of Statistics has indicated.
The members of the Major Oil Marketers Association of Nigeria, and NNPCL Retail outlets, sold the product…
The chaos trailing the cash scarcity has assumed a worrisome dimension with the organised private sector raising the alarm that the crisis has grounded the economy.
Members of the organised private sector including the Lagos Chamber of Commerce and Industry, Nigerian…
The Lagos Chamber of Commerce and Industry has warned that the sustained rise in the general price level in recent times has caused some weakening in purchasing power.
The chamber, in a statement signed by its Director-General, Chinyere Almona, said the rising inflation had worsened the plight of Nigerians, particularly at a time when multidimensional poverty had climbed too high with an…