Tag: CBN

  • New Naira: Obey Supreme Court injunction or risk going to jail – Group warns Emefiele

    New Naira: Obey Supreme Court injunction or risk going to jail – Group warns Emefiele

    The National Democratic Front, NDF, has expressed satisfaction with the Supreme Court’s interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes on Friday, February 10, 2023 deadline as earlier announced by the Central Bank of Nigeria, CBN. A seven-man panel of the apex court led by Justice John Okoro,…

  • Naira Scarcity: Be Patient with CBN, FG, Peter Obi tells Nigerians

    Naira Scarcity: Be Patient with CBN, FG, Peter Obi tells Nigerians

    Amid the scarcity of the newly redesigned naira notes, Mr. Peter Obi, Labour Party (LP) presidential candidate, has called on Nigerians to be patient with the authorities. yanstv.ng reports that the Central Bank recently embarked on redesigning of N200, N500 and N1,000 naira notes. The unavailability of the notes to Nigerians have caused untold hardship…

  • Again, CBN reviews cash withdrawal limits to N500,000, N5m

    Again, CBN reviews cash withdrawal limits to N500,000, N5m

    The Central Bank of Nigeria (CBN) has announced an upward review of cash withdrawal limits to N500, 000 and N5 million for individuals and corporate accounts respectively. The apex bank also reviewed downward, the stipulated percentage cost for withdrawals above the stipulated limits. This is according to a statement by Haruna Mustapha, CBN’s Director, Banking…

  • Economists urge CBN to prevent hoarding, counterfeiting of redesigned naira

    Economists urge CBN to prevent hoarding, counterfeiting of redesigned naira

    Economists have urged the Central Bank of Nigeria (CBN) to take firm control of the quantity of the redesigned naira notes it would release into circulation to avoid hoarding and counterfeiting.                       The experts gave the advice in separate interviews with the News Agency of Nigeria (NAN), ahead of the roll-out of the redesigned notes (N200,…

  • NGX witnesses bearish position as CBN hikes benchmark interest rate

    NGX witnesses bearish position as CBN hikes benchmark interest rate

    The nation’s equities market recorded a bearish position, following the benchmark interest rate that was increased by the Monetary Policy Committees meeting of the Central Bank of Nigeria (CBN) on Tuesday.   Losses in Accesscorp, MTN Nigeria, United Bank for Africa (UBA) and International Breweries made the market into the negative position.   The Monetary…

  • Financial expert wants Nigeria’s crude oil priced in Naira

    Financial expert wants Nigeria’s crude oil priced in Naira

    In the face of the weakening Naira, Mr Okechukwu Unegbu, a finance expert has suggested that Nigeria’s major revenue resource, crude oil, be priced in Naira rather than the dollar. This, he said, would strengthen the Naira and make it more valuable. “I have argued this in the past, but the authorities did not listen,…

  • CBN to introduce USSD code to improve eNaira

    CBN to introduce USSD code to improve eNaira

    The Central Bank of Nigeria (CBN), says it is set to introduce the Unstructured Supplementary (USSD) code as part of steps to improve the Central Bank Digital Currency (CBDC). The Deputy Governor of the CBN, Kingsley Obiora, said this at the IMF African Department Speakers Series held virtually on Friday. The News Agency of Nigeria…

  • Emefiele: What the Law Says About Removal Of CBN Governor

    Emefiele: What the Law Says About Removal Of CBN Governor

    The social media space has been agog with news of the sack of the governor of Central Bank of Nigeria, Mr. Godwin Emefiele by President Muhammadu Buhari. The alleged sack of Mr Emefiele has generated debate as to whether the president is legally empowered to remove a CBN governor from office. The CBN Act No. 7…

  • JUST IN: CBN Raises Monetary Policy Rate To 13%

    JUST IN: CBN Raises Monetary Policy Rate To 13%

    The monetary policy committee of the Central Bank of Nigeria (CBN) has voted to raise the monetary policy rate (MPR), which measures interest rate, to 13 per cent. Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said six out of eleven committee…

  • MPC: Experts Task CBN On Realistic Approach To Monetary Policy Decisions

    MPC: Experts Task CBN On Realistic Approach To Monetary Policy Decisions

    Some financial experts have called on the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to adopt a more realistic approach to its policy decisions. This advice is coming as the MPC is scheduled to holds its bi-monthly meeting on Monday. The experts, who spoke to the yanstv in separate interviews, urged…