Barely three days after the Central Bank of Nigeria declared old N1,000, N500 and N200 notes as legal tender, Deposit Money Banks say they are beginning to run out of the old currencies.
The development led to severe hardship and pains for several bank customers seeking to withdraw funds on Wednesday.
The CBN had on Monday directed banks to pay out and accept the old notes from their…
Some experts have expressed different opinions about the impact of the collapse of the American bank, Silicon Valley Bank, on the Nigerian economy.
Regulators closed SVB Financial Group and its subsidiary, Silicon Valley Bank, on Friday and seized its deposits in what is the…
Deposit Money Banks have begun to ration the disbursements of old N1,000 and N500 notes to their customers amid uncertainty over whether the Central Bank of Nigeria will release the old notes in its custody.
This came about 24 hours after the CBN Governor, Godwin…
An increase in failed payment transactions in February caused a 4.83 per cent decrease in the value of cashless transactions to N37.67tn from the N39.58tn that was recorded in January 2023.
This came as the usage of epayment gateways recorded a 41.29 per cent month-on-month increase according to new data from Nigeria Inter-Bank Settlement System.
In February, cashless gateways were used 901.46…
Emefiele eventually gives up and says that the old naira notes are legal tender.
March 14, 2023
Exactly 10 days after the Supreme Court judgement mandating the use of old N,1000 and N500 notes as legal tender till December 31, 2023, the Central Bank of Nigeria Governor, Godwin Emefiele, on Monday bowed to pressure and officially ordered commercial banks to comply with…
The Lagos State Government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.
There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.
The apex court declared…
Passengers and others are having a hard time as old notes continue to be debited.
March 13, 2023
The rejection of old notes by transport operators, fuel stations, traders, and other businesses continued over the weekend, leaving many bank customers, workers and commuters stranded in various parts of the country.
Several people found very difficult to go to their workplaces and business places as the scarcity of the new naira notes bites harder amid a mass rejection of the old notes.
Deposit…
The closure of the United States-based Silicon Valley Bank, the bank of choice for many venture capitalists and startups, may affect Nigerian startups according to industry players.
On Wednesday, March 8, SVB surprised investors with news that it was seeking to raise $2.25bn…
One of Nigeria’s leading financial institutions, Wema bank commemorated the 2023 edition of the International Women’s Day on March 8th in grand style as women from various fields converged on the prestigious Civic Center in Lagos to discuss the significance of gender…
The economy remained subdued in December as the Purchasing Manager’s Index was below 50.0 index points, according to the Central Bank of Nigeria.
The CBN released in the reports of members of the Monetary Policy Committee member that the PMI, which is an index of the prevailing direction of economic trends in the manufacturing and service sectors was below average at 49.4 index points.
An MPC…