Banking

Local experts are divided on the collapse of the US bank.

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 largest US banking failure since the 2008 financial crisis and the second-largest ever. The beginning of the end for SVB…
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Banking

Emefiele eventually gives up and says that the old naira notes are legal tender.

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 court verdict. He also announced that the old N200, N500 and N1,000 would remain legal tender till the end of the…
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Banking

Old Naira Notes Remain Legal Tender-Sanwo Olu

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…
BankingStartups

US banks may meet with Nigerian startups - operators

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 to maintain liquidity. Within the next couple of hours, a bank run occurred after VCs advised their startups to withdraw…
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Banking

Economic activity slows down in December - CBN report

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…
Banking

Union Bank promotes women's participation in technology

Union Bank of Nigeria has reaffirmed its commitment to a just and equitable society by promoting equity, justice, and the continuous inclusion of women in all fields of human endeavour, particularly in technology. A statement said this was highlighted at a virtual event hosted by the bank’s internal women’s network called the Women Empowerment Hub, in honour of International Women’s Day…
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