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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Transportation

Lagos trains city planners to implement drones.

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February 8, 2023
On Monday, the Lagos state government began a two-week training session for 50 city planners on how to effectively use drones to monitor land encroachment and other heinous activities. This is stated in a statement released by a spokesman for the Physical Planning Permitting…
Banking

Banks shut branches over customer attacks.

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February 8, 2023
As the naira scarcity persists, some banks are shutting their branches over rising customer attacks, This came a day after the Lagos State Police Command issued a warning that some groups were planning to unleash violence in the state due to the naira scarcity. Some of the…
Markets

Stock index at its highest level in 14 years.

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February 7, 2023
The bullish momentum in the Nigerian equities market has defied analysts’ expectations as the benchmark index breaks another strong psychological resistance point, surpassing 54,000 mark, reaching a 14-year high of 54,213.09 points last weekend. The market had recorded a breakthrough against the psychological resistance point in May 2022 when it surpassed 53,000 points. Earlier this year many…
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Banking

CBN can fine banks for holding new banknotes.

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February 7, 2023
The Central Bank of Nigeria may fine banks hoarding new notes a sum of N5m and members of the public selling the new notes N50,000. This was based on the Central Bank of Nigeria Act of 2007 and the Banks and other Financial Institutions Act of 2020. According to the Banks…
Banking

50% PoS operators close shops over naira scarcity.

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February 7, 2023
Over 50 per cent of Point of Sale operators have closed their shops as scarcity of new and old naira notes bites harder, it has been learnt. The National Chief Aggregating Officer of the Association of Mobile Money and Bank Agents in Nigeria, Hussein Olanrewaju, who…
Banking

Lack of skills hit the bank. Japa

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February 7, 2023
A former teller at Sterling Bank, Gift Akpan, left the shores of Nigeria for the United States to pursue her dreams. Gift told The PUNCH that she had always wanted to travel but decided to gain hands-on experience in the local job market first and raise money to facilitate her migration. “I graduated from the University of Ibadan as the best student in my set. I had always wanted to pursue my…
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