The current economic situation requires that everyone begin to look for alternative sources of income. As people would say, the economy is not smiling. Prices of goods and services have…
The post Salary in Naira or Dollars, Nigerians can now decide how they like to get paid appeared first on The Nation Newspaper.
Foreign exchange speculators and hoarders are currently groaning as they suffer major loss over the steady and continue appreciation of the value of the naira against in the United States…
The post Forex traders, hoarders lose as Naira gains steady at parallel market appeared first on The Nation Newspaper.
The Federal Government took the right step by instituting forex reforms and freeing forex previously used to defend the naira, Chief Executive Officer, Ministry of Finance Incorporated, Dr. Armstrong Takang…
The post Nigeria lost huge forex defending naira, says Finance minister appeared first on The Nation Newspaper.
The Central Bank of Nigeria has extended the validity of the old N200, N500 and N1,000 notes indefinitely .
The apex bank’s Director, Corporate Communications, Isa AbdulMumin in a statement titled, “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum” on Tuesday, said the decision is line with international best practices and to forestall a repeat of earlier experiences implementing the policy.
The PUNCH reports that the CBN introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.
The statement read, “Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations; ad infinitum.
“This is in line with international best practices and to forestall a repeat of earlier experiences.
“Thus, all banknotes issued by the Central Bank of Nigeria, in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum. even beyond the initial December 31, 2023, deadline.
“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.
“Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks.
“The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes.
“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions.”
Despite the turbulent time facing the naira, market feedback shows that the local currency will harness major positives in the economy to close strong by year-end. The naira appreciated by…
The post Naira to close strong on $34.8b year-end diaspora remittances target appeared first on The Nation Newspaper.
Frown at N700b request for telecom coverage The House of Representatives has queried the Nigerian Communication Commission (NCC) over the 1, 014 projects under the Universal Service Provision Fund (USPF)…
The naira depreciated by 0.17 per cent yesterday at the official Investors and Exporters (I & E) Window as the Central Bank of Nigeria (CBN) struggles to sustain its float-management…
The naira faces risk of further depreciation in 2023 due to the recent decline in foreign capital importation into Nigeria, KPMG Nigeria has stated. In an article released yesterday and…
One of the fallouts of the cash crunch induced by a combination of factors such as naira redesign and cash swap is that deposit money banks are now facing cash…
The Special Adviser to the State Governor on Industry, Trade and Investment, Mrs Omotayo Adeola, gave the warning at a meeting with the State Petroleum Task Force Committee and representatives of the Nigeria Union of Petroleum and Natural Gas Workers on Tuesday in Ado-Ekiti.
Adeola said the decision had become imperative in order to alleviate the hardship people had been experiencing as a result of the current cash crunch in the country.
She implored residents to lodge their complaints against errant filling station operators via WhatsApp number 08077772323.
“Residents could make a video call through the above number to report such erring operators for prompt action by the State Petroleum Task Force,” she said.
In separate interviews after the meeting, the Chairman, Ekiti State Petroleum Task Force Committee, Mr Ayodeji Adesokan and the NUPENG Chairman, Mr Olumide Jegede, appealed to petroleum marketers to comply with the directive.
They warned that erring petroleum stations would be sanctioned by the government.