Banking

Old Naira Note: We will follow the decision of the Supreme Court. FG said

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February 10, 2023
The Federal Government has said it would obey the ruling of the Supreme Court suspending the February 10 deadline given by the Central Bank of Nigeria, CBN on the exchange of naira notes. Recall that the apex court in its ruling on Wednesday, suspended the February 10 deadline on the old naira notes which expires today. The Attorney General of the Federation, Abubakar Malami, who confirmed this in…
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Aviation

Nigerian Airlines is flying soon - FG

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February 9, 2023
The Federal Government said yesterday that Nigeria Air will soon start flying, having got the aircraft ready and painted in its colours. The Minister of Aviation, Senator Hadi Sirika, disclosed this while briefing State House correspondents at the end of the weekly Federal…
Banking

Old Naira: Supreme Court decision overturned, invoke Executive Order- CSO's Buhari said.

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February 9, 2023
The Civil Society Central Coordinating Council, the apex body of all civil society groups in Nigeria, has rejected the exparte order made by the Supreme Court restraining the CBN and President Muhammadu Buhari from terminating the use of the old N200, N500 and N1000 bank notes. The group therefore called on President Buhari to immediately consider issuing Executive Orders to bring to effect the…
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Banking

As the shortage of new banknotes continues, more and more banks are closing.

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February 9, 2023
As the naira shortage continued, more banks began closing their branches. Even on Wednesday there were still long queues outside the ATMs of many commercial banks in Lagos, Ogun, Abuja and elsewhere. As the February 10 deadline for the old N1000, N500 and N200 banknotes approaches, more Nigerians are frustrated that they cannot use cash for regular transactions. Subsequently, this led to protests…
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Markets

The stock market fell by N37 billion.

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February 8, 2023
The stock market lost N37 billion on Tuesday after a six-day rally that ended with a take profit bottoming Nigerian Exchange Limited. The Jeonju index closed at 54,299.76 points, down 67.98 points and 0.13% from the previous trading day. Similarly, the total market…
Banking

Sterling Bank has waived transaction fees due to the lack of Naira.

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February 8, 2023
Sterling Bank said it has waived all personal account transaction fees in solidarity with customers facing a new naira shortage. Sterling Bank CEO Abubakar Suleiman made the announcement to clients via email. Here is part of an email to Sterling customers: Feb 6, 2023 – Feb 18, 2023. We are also happy to announce that we are offering a free debit card to all interested customers. It’s…
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