Banking

Naira crisis: banks ration old notes, NLC demands 7-day ultimatum.

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 Emefiele, announced that old N1,000, N500 and N200 notes remained legal tender. But despite the CBN’s statement on Monday night…
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Markets

Oil marketers reject old Naira notes despite CBN policy.

Oil marketers, on Monday, insisted that they were no more interested in the old naira notes and would not collect them from the public, despite claims that the Central Bank of Nigeria had cleared the bills for the transaction. It was also gathered that Deposit Money Banks…
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…
Banking

Passengers and others are having a hard time as old notes continue to be debited.

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…
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Energy

The Edo refinery has ordered 150,000 barrels of new crude oil.

The Edo State government-backed Edo Modular refinery has ordered the supply of 150,000 barrels of crude to meet the demand of its growing clientele base, weeks after commencing production. This was revealed in a statement signed by the Special Assistant on Media Projects to…
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…
BankingBrands & People

IWD 2023: Wema Bank unveils Big sister projects for employees

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 equality. The diverse audience, comprising both in-person attendees and virtual fans joined the session to discuss several…
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